illuminem summarizes for you the essential news of the day. Read the full piece on The Wall Street Journal or enjoy below:

🗞️ Driving the news: The Asian Development Bank (ADB) warns that climate inaction could reduce Asia-Pacific’s GDP by up to 17% by 2070, impacting coastal infrastructure, labor productivity, and climate-sensitive sectors
• With emissions hitting record highs, the ADB report emphasizes urgent investment to mitigate the worst effects of climate change

🔭 The context: Asia-Pacific, both a climate-vulnerable and high-emission region, contributes over 50% of global GHG emissions, placing it at the heart of the climate crisis
• While annual investments of up to $431 billion are needed for climate adaptation, current funding falls short, with only $34 billion allocated over 2021-2022

🌍 Why it matters for the planet: Climate-induced economic losses could reach $96 trillion by 2070, threatening half of the global labor force in Asia-Pacific
• However, the region’s renewable energy potential, manufacturing base, and workforce offer strong pathways for a net-zero transition, benefiting both the environment and regional economies

⏭️ What's next: Governments in Asia-Pacific must enact climate-focused policies to attract essential private investment and ensure consistent progress toward decarbonization
• The upcoming U.S. presidential election also holds global climate implications, influencing markets and international cooperation

💬 One quote: “The window to stay within the 1.5°C target of the Paris Agreement is rapidly closing” – The ADB, stressing the need for urgent climate action

📈 One stat: Asia-Pacific needs between $102 billion and $431 billion annually for climate adaptation—far above the $34 billion committed in recent years

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