Asia has been on a spectacular growth path in recent decades. But, along with growth, Asia's contribution to climate change is also expanding at a very fast pace. Today, Asia accounts for 30% of global energy-related CO2 emissions, thrice more than the share 30 years ago. As per current projections, Asia's contribution to global CO2 could rise to 43% by 2030.

Therefore, the outcome of Asia's efforts to limit GHG emissions could make or break global efforts to combat climate change. Asia must urgently act on three priority areas - energy, cities and forests.

First, since fossil fuels will remain a dominant source of energy in Asia, energy-efficiency and alternative low-carbon options are essential - both to reduce GHG emissions and to address energy security concerns. On the demand side, efficiency improvements can be implemented in most sectors. On the supply-side, cleaner coal and evolving carbon capture technologies must be quickly adopted, and investment in renewable energy sources must be increased, notwithstanding any decline in oil prices.

Second, since approximately 75% of global GHG emissions are generated by cities or for city consumers, low-carbon alternatives are needed here the most. These include transport alternatives, energy-efficient buildings and industrial processes, and better land use planning to reduce travel demand.

Third, deforestation and degradation now account for over 17% of total GHG emissions globally. Innovative measures to encourage forest conservation and land use practices that retain CO2 are needed.

The three most relevant areas in Asia are - agriculture, cities and migration.

First, climate change is affecting or will affect agriculture in the region due to decline in crop yield, moisture loss, extreme weather and so on. Fresh resources for agricultural research and infrastructure are needed to combat these problems through better land use and new crop strains.

Second, the most adverse impacts of climate change are likely to be felt in cities where people, resources and infrastructure are concentrated. In particular, Asia's coastal megacities are vulnerable to flooding and damage from unpredictable weather patterns. Urban development planning needs to take into account both the mitigation and adaptation sides of climate change.

Third, as early as 1990, the IPCC (Intergovernmental Panel on Climate Change) noted that the greatest single impact of climate change could be on human migration, with possibly millions of people displaced due to changes in weather, temperature, precipitation pattern and sea level. Many Pacific island countries already face a high risk of population displacement and some even abandonment.

While Asia faces major risks from climate change, it is also likely to bring new business opportunities by changing the technological and economic landscape of the world.

Several developing countries in the region have developed national action plans on climate change. For example, India's plan, which outlines existing and future policies and programs addressing both mitigation and adaptation, emphasizes 8 priority areas, including solar energy, energy efficiency, sustainable habitat and sustainable agriculture. China's action plan details policies and measures such as promoting clean technologies, improving energy efficiency and enhancing capacity for adaptation.

Finance and technology will be critical to making such efforts effective. Concessional funds from global sources, financing arrangements, and increased access for developing countries to the fast expanding global carbon market, are essential. However, according to the UNFCCC (United Nations Framework Convention on Climate Change) estimates, the largest share of global investments and financial flows in response to climate change - up to 80% - come from the private sector. Governments in the region should promote private sector investments through appropriate means.

In addition to funding, developed countries and the private sector need to share knowledge and transfer new and tested technologies. Mechanisms should be developed to provide financial support to Asia to cover the additional cost of new technologies. At the same time, Asia should also consider allocating larger resources for R&D (Research and Development) on energy efficiency and low-carbon energy production.

ADB (Asian Development Bank) is strongly committed to helping Asia transition to low-carbon growth. First, ADB has several initiatives related to energy efficiency, clean and renewable energy, and increased access to modern energy services for poor. Second, well-designed mass public transit systems are being implemented in major Asian major cities under the Sustainable Transport Initiative. Third, such initiatives are being supported that integrate forest protection and sustainable land use, while capturing benefits from carbon sequestration and biodiversity conservation. ADB also has a rapidly expanding adaptation program to help member countries in the developing world cope with unavoidable climate-related risks with focus on economic and human development and human security.

Asia must continue to grow, in order to be a poverty-free region. But Asia has a responsibility to grow sustainably, contributing to the world's future well-being. Yet this is not only Asia's challenge. An effective response will require an unprecedented global partnership involving all stakeholders, within the framework of common but differentiated responsibility.

As Mahatma Gandhi said, "Be the change you want to see in the world." Asia today has the potential to lead this change, converting an immense challenge into opportunity.