The world will be poorer in the coming decades due to the impacts of climate change. By 2050 The Economist Intelligence Unit expects the global economy to be 3% smaller than our baseline projections. Climate research suggests that poorer countries with higher average temperatures are likely to be the most affected. However, this isn't merely a result of a country's geography or the size of its resources. Although it is true that being rich matters when it comes to minimising the negative impact of climate change, other factors matter too. Shoddy institutions, lousy governance or poor policy implementation, can severely cripple a country's ability to adapt to and mitigate against the effects of a changing climate.
Furthermore, as the processes that force climate change are built into the foundations of the world economy and geopolitics, the measures to check climate change will need to be wide-ranging and all-encompassing. While we may applaud individual countries and corporations for taking concrete actions to reduce their carbon footprint, we really need concerted commitments at the global level to combat this urgent, universal challenge.
What fundamental structures need to be dismantled and rewired for global stakeholders to align their interests to go after climate change? How can competitive markets be properly incentivised to build responsible business? What does sustainable development mean for capitalism and profitable growth in Asia? How are companies embracing the business case?
Our economic model calculates that the Malaysian economy will be 2.7% smaller in 2050 than it would have been without this hit of climate change on growth. In 2016 Malaysia was an early signatory to the Paris Agreement, a multinational accord to reduce emissions. Under this agreement, Malaysia has pledged to reduce greenhouse-gas emissions by 45% by 2020 compared with 2005 levels. How has Malaysia been progressing on these commitments?
Join us as we discuss what essentially needs to change for Asia to have a fighting chance in dealing with the climate issue, and what this means for sustainable business growth in the region. We are delighted to welcome YB Yeo Bee Yin, Minister for Energy, Science, Technology, Environment and Climate Change, as our keynote speaker.
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