Asia Pacific RE investments to be $1.3 trillion by 2030: Woodmac
23 Jun 2021
2 Min Read
CW Team
By 2030, Asia Pacific solar and wind energy investments may double to $1.3 trillion from the previous decade, dwarfing fossil fuel energy expenses that are anticipated to fall by around 25% to $54 billion yearly, as per Wood Mackenzie.
Alex Whitworth, Head of Asia Pacific Power & Renewables Research, said that the Asia Pacific power generation investments are leading the world and are anticipated to reach $2.4 trillion in the current decade, with renewables accounting for more than half of power investments.
On Tuesday, Woodmac, in a note, said that India, South Korea, China, Japan, and Taiwan are among the top contributors to renewable investments, which comprise solar and wind, in the Asia Pacific with an average of around 140 GW of additional capacities yearly.
By contrast, Woodmac stated that renewable investments in Australia - Asia Pacific's leader in the energy transition - will fall by 60% in the next five years but will rise again to an average of $7 billion a year in the 2030s.
The country is shutting down ageing coal-fired plants and facing cost challenges and reliability at least 10 years earlier than other Asian countries, stated Le Xu, Senior Analyst, Woodmac.
Coal is expected to account for 55% of Asia Pacific's fossil fuel investments by 2030, before falling to 30% in the 2030s as gas dominates, stated Whitworth.
Carbon emissions from the region's power sector are likely to hit 7.3 billion tonnes by 2025, equal to 1.8 tonnes per person or less than half the level of most developed countries.
While the region's power sector carbon emissions are likely to fall by 47% from their 2025 peak, inertia in the coal power fleet will stop the Asia Pacific from reaching carbon-free power by 2050, stated Whitworth.
Whitworth said that new technologies like storage, green fuels and carbon capture comprising ammonia, hydrogen, and biomass into coal and gas generation will play a key role in decreasing power sector emissions.
Also read: Rajasthan govt attracts RE investments over Rs 167,000 cr
By 2030, Asia Pacific solar and wind energy investments may double to $1.3 trillion from the previous decade, dwarfing fossil fuel energy expenses that are anticipated to fall by around 25% to $54 billion yearly, as per Wood Mackenzie.
Alex Whitworth, Head of Asia Pacific Power & Renewables Research, said that the Asia Pacific power generation investments are leading the world and are anticipated to reach $2.4 trillion in the current decade, with renewables accounting for more than half of power investments.
On Tuesday, Woodmac, in a note, said that India, South Korea, China, Japan, and Taiwan are among the top contributors to renewable investments, which comprise solar and wind, in the Asia Pacific with an average of around 140 GW of additional capacities yearly.
By contrast, Woodmac stated that renewable investments in Australia - Asia Pacific's leader in the energy transition - will fall by 60% in the next five years but will rise again to an average of $7 billion a year in the 2030s.
The country is shutting down ageing coal-fired plants and facing cost challenges and reliability at least 10 years earlier than other Asian countries, stated Le Xu, Senior Analyst, Woodmac.
Coal is expected to account for 55% of Asia Pacific's fossil fuel investments by 2030, before falling to 30% in the 2030s as gas dominates, stated Whitworth.
Carbon emissions from the region's power sector are likely to hit 7.3 billion tonnes by 2025, equal to 1.8 tonnes per person or less than half the level of most developed countries.
While the region's power sector carbon emissions are likely to fall by 47% from their 2025 peak, inertia in the coal power fleet will stop the Asia Pacific from reaching carbon-free power by 2050, stated Whitworth.
Whitworth said that new technologies like storage, green fuels and carbon capture comprising ammonia, hydrogen, and biomass into coal and gas generation will play a key role in decreasing power sector emissions.
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Also read: Rajasthan govt attracts RE investments over Rs 167,000 cr
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