Philanthropic funding can help plug gaps in climate financing in Asia: Ravi Menon

Asia is where the climate change fight will be won or lost, yet the region remains severely underfunded in terms of cutting emissions and building resilience, said Singapore's Ambassador for Climate Action Ravi Menon on May 5.

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Speaking at the Philanthropy Asia Summit, convened by Temasek Trust's Philanthropy Asia Alliance and held at the Sands Expo and Convention Centre, Mr Menon said philanthropic funding can help to plug these gaps.

Asia accounts for half of global emissions, he said, adding that some 90 per cent of the world's future growth in energy demand will come from Asia.

Yet, globally, less than 2 per cent of philanthropic giving goes towards preventing climate change. Of this, only 12 per cent goes to Asia, Mr Menon said.

"Without decarbonising Asia, the world will not reach net zero," he added. "This is a time for philanthropy to play a larger role in driving climate action in Asia."