US$4.3 tril opportunity for Asia's businesses in transition economy, but region most vulnerable too
Posted 27th April 2023
Asian businesses stand to gain US$4.3 trillion ($5.73 trillion) by the end of the decade from the expansion of renewable power, energy efficiency in buildings and promoting greater circularity in producing industries. Similarly, 58% of the jobs required to service those opportunities will be situated in Asia, creating as many as 232 million roles for the region.
This is according to the Accelerating Asia’s Advantage: A Guide to Corporate Climate Action report, released on April 21 by the World Economic Forum in collaboration with SAP and Boston Consulting Group’s (BCG) Southeast Asia Centre for Climate & Sustainability.
On the flipside, climate change could have a disproportionate impact on Asian economies and people. Based on a severe increase of 3.2°C by 2050, Asia is projected to see a reduction in GDP by over 26%, higher than an estimated 18.1% impact to GDP globally.