APAC

This includes funding for renewables, EVs, nuclear power, grids, and storage. 

To attain this, investments need to increase to $4t by 2030. 

China will have the highest installed capacity globally by 2031 at 13.8GW.

The sector is expected to grow by 15% annually until 2031.

Around $1.2b will be dedicated to the region’s solar and wind generation.

This is behind the global figure of 12%.

Nuclear power deployment is being held up by high costs.

Nuclear capacity is poised to increase by 280GW by 2050. 

It accounted for only 5% of APAC’s power generation in 2021. 

Asia has a powerful climate financing challenge. Taking the power sector for example, the region is projected to consume half the world’s electricity by 2025, and whilst growing renewable energy adoption offers encouraging signs of transition, the reality is that significant additional financing is required to deliver a net-zero power landscape.

They will set up an outline of global targets for renewable energy.

The MoU was valued at US$2b. 

Whilst European FIs are leading coal divestments, FIs from Asia are also rapidly increasing. 

The region’s capacity growth will be largely driven by China.

GEM estimated coal retirement globally needs to be almost five times faster.  

The awards programmes recognise companies that have demonstrated excellence, innovation, and sustainability in addressing the challenges and opportunities in the energy sector.