Asia needs to spend much more to adapt to climate change and limit its damage, bank study says

AP Business Writer

BANGKOK (AP) — A study by the Asian Development Bank shows that countries in Asia will suffer worse damage from the climate crisis than other regions and they are not spending enough to limit the damage and adapt to changing weather patterns and natural disasters. The report says financing needs in developing Asian countries for climate change adaptation range from $102 billion to $431 billion a year. That far exceeds the $34 billion committed to those purposes in 2021-2022. The potential costs will take a severe toll on regional economies, and the changes also will harm people’s health and productivity. The study cited storm shelters that have reduced deaths from natural disasters in Bangladesh as an example of changes that can limit the damage.