(6 July 2023 – Asia Pacific) The Asia-Pacific (APAC) region is one of the most exposed areas to climate change in the world coupled with high employment in industries facing disruption from transition to a lower carbon emissions future the Deloitte Economics Institute (DEI) reports.
A growing number of APAC employees are based in vulnerable industries such as agriculture, conventional energy, manufacturing, and construction according to the DEI.
Government and business leaders in the region must take up the ESG and climate change fight to support vulnerable groups saddled with “stranded assets” due to climate change but also support those who were due to be impacted by the transition to a low emissions economy.
More assertive climate action is projected to generate US$47 trillion in APAC economic activity by 2070 and 80 percent of the skills needed to achieve net-zero emissions by 2050 already exist.
“It is important for businesses across the region to prioritise sustainability. Asia-Pacific is exporting decarbonisation to the world, from renewable energies to innovation, and climate technology” stated Deloitte APAC Climate and Sustainability Leader, Will Symons.
“The transition is already underway, and the success of global decarbonisation efforts will rely on the skills and expertise of the workforce across the region. By ensuring we prioritise this, we can avoid significant losses, promote economic growth, and generate up to 180 million jobs in the region” Symons added.
“Governments need to ensure companies, workers, and economies are not hindered by the transition to low emissions. How governments act individually and collectively to support these workers to adapt, contribute, and thrive as our economy transforms will be one of the biggest determinants of equality in the coming decades” commented Head of Deloitte Access Economics, Pradeep Philip.
“No country can do it alone, but together, it is possible to influence a just transition where the benefits far surpass the cost.” Dr Philip added.