The economic losses caused by the impacts of climate change in Southeast Asia could be 60% higher than expected.
That’s according to a study released by the Asian Development Bank (ADB) at the COP21 conference in Paris, which suggests the region “must step up efforts” on energy efficiency.
It focuses on Indonesia, Malaysia, Philippines, Thailand and Vietnam, which account for 90% of the region’s emissions.
It stated the losses could reduce the region’s GDP by up to 11% by 2100.
The ADB added without changing existing energy use patterns, which include fast growing use of coal and oil, emissions are likely to be 60% higher in 2050.
ADB Chief Economist Shang-Jin Wei said: “The economic costs of not reining in greenhouse gas emissions are more serious than we previously estimated. At the same time, this new study also shows that reducing emissions and stabilising the climate will produce benefits and avoid losses for Southeast Asia, which in the long run sharply outweigh the costs of action.”