South Korea and ADB team up for climate change tech hub - Nikkei Asia
South Korea and ADB team up for climate change tech hub - Nikkei Asia
INCHEON, South Korea -- South Korea and the Asian Development Bank (ADB) will jointly establish a climate change technology hub in Seoul, aiming to provide technical support to developing countries in decarbonization and other climate-related initiatives.
Announcing the move, South Korean President Yoon Suk Yeol said on Wednesday: "Climate change measures to achieve carbon neutrality require strong solidarity and cooperation among countries." South Korea aims to become carbon neutral by 2050.
Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”