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Global energy prices increased by more than 26% in the early months of 2022. This has implications that spread across the economies of Asia and the Pacific, with electricity bills expected to rise by 27% by 2025 if the region's energy supply mix remains unchanged. The impacts are being felt across the region. Energy price increases have caused public enthusiasm for a clean-energy future to temporarily wane. Countries have revised coal power plant closing targets, and shortterm tax holidays are being considered for at-thepump petroleum products.
In the throes of an energy crisis and accompanying energy price increases, countries across the globe are finding it difficult to place climate change at the top of their action agenda. This is a mistake, as the world counts down to the 27th Climate Change COP in Cairo, Egypt, this November. Energy prices are high, but this is expected to be short-term. We have survived global energy crises and price increases before. Our best way forward is through clean energy innovation. - blog.adb.org/blogs
A version of this article appears in the print on June 29, 2022, of The Himalayan Times.