Is Asia-Pacific ready for climate stage?

As the leaders of Asia and the Pacific prepare to head to Glasgow, Scotland, for the 26th Conference of the Parties to the United Nations Framework Convention on Climate Change, they can be sure that our region will be in the spotlight, because many of the countries most vulnerable to the impacts of climate change are located here, the seven G20 members from this region are responsible for more than half of global greenhouse gas emissions, and five of the 10 top countries with the greatest historical responsibility for emissions since the beginning of the 20th century are in Asia.

The starting point is not encouraging. A joint study by the Economic and Social Commission for Asia and the Pacific, the UN Environment Pro-gramme and UN Women shows that the Asia-Pacific region is falling even further behind in its climate efforts: greenhouse gas emissions are projected to increase by 34 percent by 2030 compared with 2010 levels.

Getting the 30 Asia-Pacific countries that have so far updated their Nationally Determined Contributions under the Paris Agreement to drastically raise their ambitions, and securing adequate NDCs from the other 19 which have yet to submit their contribution plans will determine if the region, indeed the world, can hope to keep the temperature increase well below 2 degrees Celsius.

There is some reason for hope, though. Leaders have been lining up to make their carbon neutrality pledges, shrinking the gap from commitment to action across the sectors that drive the region's development. With major players moving away from foreign investments in coal, momentum is building for a transition to cleaner energy sources. There is a growing share of renewable in the energy mix, and going forward we should support increasing sub-regional and regional energy connectivity to enable the integration of higher shares of renewable energy.

However, more support to exporters is needed to wean them from lucrative coal and fossil fuel reserves, supported by long-term low emissions development strategies.

The shift to sustainable transport has been slow but electric vehicle mobility is growing. Countries are also emphasizing low-carbon mobility in a new regional action plan under negotiation ahead of a ministerial conference on transport later this year. And local government commitments to carbon neutrality also support the greening of our cities.

The ESCAP Climate-smart and Trade and Investment Index and carbon-border adjustment mechanisms show that Asia-Pacific economies have significant room to make their trade and investment more climate-smart. A growing number of countries are including climate- and environment-related provisions in trade agreements, and more are requiring energy efficiency labeling and standards on imports.

Digitalization of existing trade processes also helps reduce carbon dioxide emissions per transaction and should be accelerated, including through the regional UN treaty on cross-border paperless trade facilitation.

The ESCAP Sustainable Business Network is crafting an Asia-Pacific Green Business Deal in pursuit of a "green" competitive advantage, while companies are responding to greater shareholder and consumer pressure for science-based targets that align businesses with climate aspirations. Entrepreneurs, small and medium-sized enterprises, and large industries in the region could adopt this new paradigm, which would also enable countries to meet their commitments for sustainable development.

Such ambitious climate action will require a realignment of finance and investment toward the green industries and jobs of tomorrow. Innovative financial instruments and the implementation of debt-for-climate swaps can help to mobilize this additional funding. Putting a price on carbon and applying carbon pricing instruments will create liquidity to drive economic activity up and emissions down. Mandatory climate-related financial disclosure will help investors direct their investments toward climate action solutions that will help manage risks associated with climate-related problems.

It is clear from climate science and the frequency of disasters in the region that time is not on our side. The combination of disasters, pandemic and climate change is expanding the number of people in vulnerable situations and raising the "riskscape". Countries are ill-prepared for complex overlapping crises; the intersection of COVID-19 with natural hazards and climate change remains poorly understood, and gives rise to hotspots of emerging and intensifying risks. Building resilience must combine climate mitigation efforts and investments in nature-based solutions.

Moreover, it also requires increasing investments in universal social protection systems that provide adequate benefits over the lifecycle to people and households. The active engagement of women and girls is critical to ensuring inclusive climate action and sustainable outcomes.

Without concerted action, carbon neutrality will not be within the reach of the Asia-Pacific by 2050. So all stakeholders need to collaborate and build a strong case for decisive climate action. Our leaders simply cannot afford to go to Glasgow with insufficient ambition and return empty handed.

Since it was founded nearly 75 years ago, the ESCAP has supported the formation of strategic alliances that have lifted millions out of poverty and guided the region in enabling a better standard of life. The time is right for such an alliance of governments, the private sector and financial institutions to help turn the full power of the region's ingenuity and dynamism into the net zero-development pathway that our future depends on.

The author is the United Nations undersecretary-general and executive secretary of the Economic and Social Commission for Asia and the Pacific. The views don't necessarily reflect those of China Daily.