ESCAP’s 2022 Regional Trends Report examines the role of power system connectivity in attaining the energy transition. It presents the current status of sustainable development and regional power connectivity in the Asia-Pacific region, pointing out progress and prospects; and it provides insights into where action is most needed, highlighting regional and non-regional examples of successful approaches.
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Climate change is much more than an environmental crisis—it’s a systemic crisis that will transform the geopolitical landscape. And the consequences for the Indo-Pacific, already the most exposed region in the world to climate hazards and home to the world’s fastest growing populations, economies and geopolitical rivalries, will be profound.
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In the transition to renewables, there is an inherent tradeoff that needs to be managed. Economic growth requires a stable base load power, which is currently serviced by fossil fuels. This must be carefully balanced against the longer term need to switch to renewable sources. For a successful energy transition, developing countries in the region need to work with their partners to address geopolitical issues, technological limitations, and financial constraints.
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EDP Renewables, a Spanish renewable energy company, has invested S$1.1 billion for a 91 percent stake in Singapore-based solar manufacturer Sunseap. The agreement was initially announced in November 2021, and it was finalised when all regulatory requirements were completed. EDPR has also announced plans to invest S$10 billion by 2030 in Singapore to build a clean energy hub that will serve the Asia-Pacific (APAC) region. This investment is part of the company’s APAC market strategy.
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We must confront the uncomfortable truth that our region is a source of more than 50 per cent of annual global greenhouse gas emissions. It is clear that bold and urgent action is needed to combat the great challenges we face. For this, we must implement new and innovative policy solutions to ensure green, inclusive, and sustainable development. We have been stepping up our climate financing. We raised our ambition to provide 100 billion dollars in cumulative climate finance between 2019 and 2030.
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The message for the world from the recent COP26 meeting in Glasgow is clear – we must reduce greenhouse gas (GHG) emissions and one of the biggest sources is energy. But how do we balance the growing need for energy across Asia and the Pacific, with the imperative to reduce GHGs? Now is the time for bold action and a future powered by diverse, renewable energy sources will be more equitable and prosperous for all.
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While climate change is primarily caused by emissions from large advanced and emerging market economies, the Pacific islands are among those most heavily impacted by the adverse effects of climate change. This departmental paper by International Monetary Fund provides an in-depth overview of access to climate finance for Pacific Island Countries, evaluating successes and challenges faced by countries and proposes a way forward to unlock access to climate funds.
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In 2020 the Australian Government’s Low Emissions Technology Statement identified carbon capture and storage (CCS) as one of several priority low emissions technologies. At the request of the government and against the backdrop of emerging projects, the Clean Energy Regulatory began developing a CCS method (or methodology) under the Emissions Reduction Fund. Inclusion under the ERF would allow CCS projects to generate Australian Carbon Credit Units (ACCUs) and thereby generate income.
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In response to the economic slowdown, most governments in the Asia‐Pacific region have implemented economic recovery packages. Strategies have varied. Strategies have varied. Some have focused directly on livelihoods and healthcare, while others have increased investment in infrastructure. A few have declared strong green recovery strategies intended to guide the entire economy in a new direction.
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In the APAC region, offshore wind will act as an accelerator of the energy transition. Taiwan has fast emerged as a key offshore wind market in the region. Japan is clearly the next upcoming market. South Korea could be a very big market for floating offshore wind owing to very conducive conditions for this type of offshore wind installations. Vietnam is another potential market owing to tremendous fundamentals.
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Amazon plans to set up a 62 MW ground-mounted solar project in Singapore. This is the company’s first renewable energy project in Singapore and is expected to be completed in 2022. It will be among the largest aggregated movable solar energy projects in the country and will supply power to the national electricity grid.
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The Asia-Pacific region is expected to attract approximately 40% of the total global investment in Renewable Energy capacity between now and 2050. The region – especially South East Asia – benefits from a unique combination of electricity demand growth, electricity supply crunch and abundant solar, wind and water resources to spur investments in Renewable Energy assets.
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