London —- The Asian Development Bank (ADB) has called for urgent action to cut fossil fuel subsidies and accelerate investment in clean energy to prevent catastrophic climate change that threatens the region’s economic development.

The ADB report highlights that Asia’s economic growth is being fuelled in a carbon-intensive way, well above the global average. Several countries are developing new coal-fired power plants in Asia, which accounts for 94% of the global pipeline of coal-fired power plants under construction, planned, or announced.
The report recommends reducing subsidies for fossil fuels, putting a price on greenhouse gas emissions and providing more policy incentives for clean energy. It also calls for international coordination to tackle the problem.