
ESCAP Says Robust Social Protection Systems Vital Amid Climate Challenges
New Delhi: As climate change and economic uncertainties intensify, robust social protection systems are becoming a necessity, not a choice, warns the Social Outlook 2024 report by the Economic and Social Commission for Asia and the Pacific (ESCAP). The report highlights a dire need to close financing gaps to safeguard vulnerable populations and build resilience.
The Asia-Pacific region currently spends only 8.2% of its GDP on social protection, significantly below the global average of 12.9%. ESCAP cautions that without increased investment, rising poverty driven by climate change, digital disparities, and aging populations could become unavoidable.
Social protection is more than a safety net; it’s an investment that stabilizes economies during crises. This was evident during the COV...