U.S. and Japan boost IPEF's appeal with investment, climate support - Nikkei Asia
U.S. and Japan boost IPEF's appeal with investment, climate support - Nikkei Asia
SAN FRANCISCO -- Leaders from the 14 members of the Indo-Pacific Economic Framework have laid out efforts to facilitate investment and decarbonization in emerging economies, as countries like the U.S. and Japan seek to bolster the framework's appeal to the Global South.
The leaders reached general agreements toward a "clean" and greener economy, as well as a "fair" economy that combats tax evasion and corruption at a meeting Thursday during the APEC leaders summit.
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Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”