The world has yet to emerge from the worst pandemic in recent memory, but it is time to shift attention to what will likely be the defining crisis of the century: climate change. It is, of course, nothing new. But for Asia, the economic and social impacts are already materializing: rising sea levels are inundating major cities while erratic weather jeopardizes food security. Fiscal and monetary policies will need to adjust. While it is easy to lay the blame on developed economies, Asia has contributed nearly all of global emissions growth since 1990, and the region’s increasing reliance on coal is a pressing concern. Shifting energy demand patterns due to COVID-19 and more competitive renewable energy costs beg for a re-think of energy investment plans. Without urgent changes in Asia, we believe the world will not be able to effectively address climate change. We take a first look at Asia’s climate challenges from an economics perspective.