Asia and the Pacific countries, including the Philippines, can make trade and investments more climate-smart as environmental goods continue to face high tariffs and non-tariff barriers , according to the United Nations Economic and Social Commission for Asia and the Pacific .
“Eliminating fossil fuel subsidies and establishing carbon pricing mechanisms are among the main policies that internalize the environmental costs of greenhouse gas emissions,” it added. Based on the data, Unescap found that 16 out of 26 economies examined in the Asia-Pacific region, the average applied tariffs on carbon-intensive fossil fuels are lower than those on environmental goods.
Unescap said most countries in Asia and the Pacific are insufficiently prepared to face extreme weather events and natural disasters, which are growing in intensity and frequency due in part to climate change. “Measures to put the economies of Asia and the Pacific on a low-carbon pathway, and adapt and become more resilient to the impacts of climate change, must be front and center of the region’s post-pandemic recovery,” said Armida Salsiah Alisjahbana, United Nations Under-Secretary-General and Executive Secretary of Unescap, while acknowledging that governments in the region are joining the race to net zero under challenging circumstances from the current polycrisis.
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