Climate change is hammering Asia’s water and power systems, endangering the lives and livelihoods of millions, with countries facing billions in protection costs, according to Asia-based lenders and advocacy groups. A report released Monday by the Asian Development Bank estimates that Asian nations will need $250 billion every year to shield themselves from rising seas and increasingly frequent floods, and to clean up rivers and groundwater. A separate report by the Asia Investor Group on Climate Change says climate impacts are already costing major Asian electricity utilities up to $6.3 billion annually, with costs projected to rise 33% by 2050 unless global emissions are reduced.
