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Asia’s reliance on fossil fuels is its ‘Achilles heel’, says top climate leader

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Sharon See

Published Thu, Jan 12, 2023 · 06:52 PM

The private sector in Asia, particularly the manufacturing and financial industries, should be “waking up” to the fact that the climate crisis presents “the riskiest risks of highest consequence” as well as the greatest growth opportunity, former UNFCCC executive secretary Christiana Figueres said in a session moderated by CLP Holdings executive director Richard Lancaster. PHOTO: SHARON SEE, BT

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[HONG KONG] DECARBONISING energy in Asia is key to sustaining the region’s competitiveness but there remains “quite a distance” between its climate commitments and implementation, a top climate leader said on Thursday (Jan 12).

Fossil fuels are still the dominant fuel source in Asia, and their extreme price volatility makes the region “highly exposed” given its dependence on fossil fuel imports, said Christiana Figueres, former executive secretary at the United Nations Framework Convention on Climate Change (UNFCCC).

“Take note, that is the Achilles heel to the Asian region and to the financial sector in the Asian region,” Figueres said in her keynote dialogue on the second day of the Asian Financial Forum (AFF) 2023 in Hong Kong.

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