Most APAC nations are fossil fuel dependent but willing to transition to clean renewable sources. Renewable energy in Asia Pacific has outpaced that of Europe and the U.S. in recent times. The region is set to become a leader in the deployment of renewables in the next decade.
FREMONT, CA : APAC accounts for a staggering 60 per cent of the global population and has the world’s most rapidly growing regional energy market, according to the United Nations. Most APAC nations are fossil fuel dependent but willing to transition to clean renewable sources. Renewable energy in the Asia Pacific has primarily outpaced that of Europe and the U.S. in recent times, mainly due to substantial growth of projects in China, India, and Australia. Yet in 2021, modern renewables accounted for only around 6.8 per cent of the APAC's total energy consumption. Fossil fuels were the predominant supplier.
Ensuring clean, inexpensive, and sustainable energy in this eclectic region is essential to underpinning its economic and social development. Although some APAC nations have witnessed sluggisher investment and installation of clean energy than others, the region is set to become a leader in the deployment of renewables in the next decade, establishing some 500 GW of non-hydro capacity.
Owing to ambitious clean energy agendas, China and Australia appear as leaders in APAC renewable installation. In 2017, China said it would invest $360 billion in renewable energy by 2020. That same year, the nation accounted for a record 45 per cent of the sector’s global investment. Recently, nevertheless, Beijing said it would stop issuing quotas for new solar schemes, which is predicted to slow down development in the industry extensively, though comprehensive renewable energy projections for the country remain substantial. In Australia, the Clean Energy Council said 700 MW of renewable schemes were finished and began generation in 2017; large-scale wind and solar projects compelled investment in Australia to up 150 per cent.
Altogether, the landscape for renewable energy in APAC is significantly optimistic. The possibility and necessity in the region are noteworthy, and with better government policy, plans, and coordination to construct a safer investment environment, renewable energies will continue to dominate the region’s energy sector.
