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As I see it | As Asia heats up, leaders must look beyond domestic concerns and unite for climate
- Asia’s energy needs are expected to increase in the future, but the road ahead is fraught with pitfalls as the region tries to wean itself off fossil fuels
- Since every country can be affected by volatile weather patterns, sharing regional resources can be invaluable
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Deadly heatwaves and flash floods that destroyed homes and pushed up food prices sparked a summer of discontent across Asia. With two of the largest democracies, India and Indonesia, heading for polls next year, political leaders seem nervous.
During their independence days last week, leaders from both nations sounded caution. While Indonesia’s upper house speaker Bambang Soesatyo urged for poll postponement, Indian Prime Minister Narendra Modi promised to ease the burden of global inflation.
After imposing a partial rice export ban that caused international prices to spike to 15-year-highs, New Delhi introduced a 40 per cent export duty on onions. Jakarta also forked out a hefty sum to stabilise prices and boost national food security.
It is clear protecting national interests alone will not suffice. Only coordinated regional responses can mitigate climate change’s impact
It is clear protecting national interests alone will not suffice. Only coordinated regional responses can mitigate climate change’s impact.
A G20 Energy Transitions Working Group, which met in India in July, failed to produce a joint communique, instead issuing a paper that disappointed climate researchers for its vagueness on phasing out fossil fuels and tripling of renewable energy production.
Since then, crude oil has climbed to US$85 per barrel from US$72 in June, tormenting Asian consumers who account for 70 per cent of global demand. Fortunately, regional leaders can make amends at a G20 ministerial meeting in Delhi next month.
The International Institute for Sustainable Development said in a report on Wednesday that G20 members poured in US$1.4 trillion to support fossil fuels in 2022, including subsidies worth US$1 trillion.
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