The Fight For New Energy In Asia

Renewables in Asia: It’s a tough race against fossil fuels

Vibhushree Hamirwasia, July 27, 2020 (REN 21)

“The COVID-19 pandemic has been an unprecedented shock to the global economy. It has also stifled the energy sector by bringing demand down at an unprecedented rate…This downward spiral is accelerating the shift away from these fuels in many markets. Except for Asia…Asia is home to over 50% of the world’s population, over 60% of the world’s largest cities and this region has seen tremendous economic growth. Economic growth comes with rapidly increasing energy demand. While renewables in Asia are on the rise, fossil fuels (especially coal and natural gas) are rising even faster…[and could offset] the global decline for coal. Over 80% of the 500 GW of global coal capacity is located in Asia and this is only expected to grow…

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Asia’s share in the global demand for coal could increase to 81% in 2030 (up from 77% now)…Already now, over 45% of the world’s CO2 emissions are concentrated in Asia. The region counts 93 of the 100 world’s most polluted cities. The connections between pollution and negative health impact are clear…In almost all other parts of the world, companies are divesting from coal and governments…[to avoid] the risk of creating future stranded assets…[But it] is harder for energy markets in developing countries to attract global finance…[Much of the coal infrastructure in developing countries like Bangladesh, Pakistan, Viet Nam, and Indonesia is] heavily reliant on financing from the Asian giants of China, Japan and the Republic of Korea…Change is never easy and disruption causes resistance. But Asian governments need to realize that they have a responsibility to foster change instead of resisting it…” click here for more

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