The Asian Century, Sustainable Growth and Climate Change

The Asian Century, Sustainable Growth and Climate Change

Responsible Futures Matter

Edited by Moazzem Hossain, Tapan Sarker and Malcolm McIntosh

This path-breaking book investigates the challenges of realizing the Asian century. Prosperity in Asia does not only mean economic growth; the issues of public health, sanitation, income equality, the social safety net and efficient use of natural resources are also important. It argues for new policy initiatives in social, environmental and natural resource areas of South, Southeast and East Asia.

Chapter 3: Resource constraints and Asia’s growth: regional cooperation for enhancing energy security

Shanawez Hossain and Tapan Sarker

Subjects: asian studies, asian economics, economics and finance, asian economics, environmental economics, environment, climate change, environmental economics

Extract

Based on the recent historic trend of economic growth and the prospect of further growth in coming decades, profound economic transformation is expected with the realization of the ‘Asian century’ by around 2050,with Asia sharing 51 per cent of world gross domestic product (GDP) (at market exchange rates) (Kohli et al. 2011). However, the prospect of the Asian century depends heavily on the ability of Asian countries to navigate a resource constrained social, political and economic context. Developing and emerging Asia is more vulnerable to these constraints due to higher projected risks associated with climate change and lower adaptation capacity. By 2030 developing countries will require US$28–67 billion or 0.2–0.8 per cent of global investment flows to enable adaptation to climate change (UNFCC 2007). Resource constraint issues, both knowledge and financial, remain the most important consideration for Asia to realize the Asian century, with serious implications for growth, as well as other factors including the environment, climate, peace, prosperity and harmony. Despite Asia’s remarkable economic growth, the region’s water, food and energy security is not ensured, as a wide disparity still exists across regions and between and within countries. These interrelated aspects are critical for Asia’s long-term growth and development because the future competitiveness and prosperity of Asian nations will largely depend on their level of efficiency in the use of natural resources and on their progress in the low carbon race (Kohli et al. 2011).

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