WHILE the pandemic has hit our lives hard, another crisis, climate change, has been looming over our heads for quite some time.
The last five years have been among the warmest on record. Left unchecked, this crisis has the potential for even greater long-term effects, which include endangering the lives of future generations.
Substantial investments in sustainable, pollution-reduction technologies are required to reduce emissions and meet other climate commitments by 2030.
Southeast Asia is one of the most vulnerable regions to climate change. It has done well so far in adhering to the Paris Agreement targets.
Nonetheless, while all Asean nations have signed both the Paris Agreement and The United Nations Framework Convention on Climate Change, some of the least-developed Asean nations have voluntary emission targets, which may give room for these nations to falter on commitments.
Greenhouse gases, such as carbon dioxide, nitrous oxide, methane and others, in the proper proportion, maintain the earth's temperature at about 15°C. However, excess gases increase temperatures as more heat remains trapped on to the earth's atmosphere.
The excess heat melts polar ice, swells ocean waters, causes heat waves and generally destabilises the delicate ecological balance, which leads to floods, droughts and forest fires.
The post-World War 2 industrial revolution has created comforts, such as cars, aircraft, better buildings, roads, healthcare and other amenities.
However, these same buildings and vehicles have also spewed massive amounts of CO2 and other greenhouse gases into the air, resulting in the sharp rise of the earth's temperature.
When burnt, fossil fuels release CO2, which is a prime cause of the greenhouse effect. In addition, 44 per cent of livestock emissions occur in the form of methane. Efforts are currently underway to cut these emissions to decelerate the rising earth temperature.
The question is — are current initiatives enough? Studies have indicated that there is 95 per cent chance that, without proper interventions, the temperature of earth may rise above 2 °C. Such an event would wreak havoc, flooding coastal cities, causing droughts, forest fires and other ecological imbalances.
The Green Deal unveiled by the European Commission in December 2019 aims to make Europe carbon-neutral by 2050.
European Commission president Ursula von der Leyen dubbed the €1 trillion Green Deal "Europe's man on the moon moment". Through its specific policies and instruments, the EU aims to lower emissions of greenhouse gases from vehicles and industrial houses, while simultaneously investing in cutting-edge research and innovation for cleaner production, flood defences and drought-tolerant crops.
A low-carbon economy would not jeopardise prosperity, but rather improve quality of life through cleaner water and air, and a thriving biodiversity. The European Green Deal is working in unison with the Climate Action (SDG Goal 13) and the Paris Climate Agreement to keep global temperature rise contained to below 2°C from pre-industrial levels.
The Covid-19 pandemic has only strengthened the EU's resolve. A sizable proportion of funds from the NextGenerationEU, a €800 billion post-Covid-19 recovery plan, is earmarked for fighting climate change and protecting biodiversity.
So how can an EU-like Green Deal help the Asean region? First, such a commitment would make it mandatory for all Asean nations to meet climate targets. A central fund with contributions proportional to each nation's gross domestic product could be established to support clean technologies and climate protection projects for a sustainable green transition for the entire Asean region.
For example, a project that could be replicated is the Carbon Engineering project: a carbon-removal technology that is equal to 40 million trees sucking CO2 from the atmosphere.
Although deforestation needs to be contained and more trees need to be planted, simultaneous initiatives such as these would keep CO2 levels in check, while dependence on fossil fuels continue until at least 2030.
In welcome news, the Asian Development Bank has recently launched a US$300 million green climate fund to support its Green Recovery programme in Southeast Asia.
While Asean has several mechanisms, frameworks, action plans (i.e., the Asean Plan of Action for Energy Cooperation 2016-2025) in place to address climate challenges, the funds invested in these initiatives may not be sufficient given the enormous task at hand.
A concerted and centralised regional effort, perhaps on the scale of the EU's Green Deal, may been needed to stem climate change, biodiversity loss and pollution effects in Southeast Asia.
The writer is an associate professor at the Asia-Europe Institute, Universiti Malaya