APAC to generate lion’s share of world’s energy by 2030
The region is expected to account for 56% of the world’s energy in the next decade.
The Asia-Pacific region is expected to generate 56% of the world’s energy by 2030, GlobalData reported.
Between 2022 and 2030, power generation in the region is projected to rise by 3.9% annually, higher than the 1.8% and 1.4% growth forecast in Europe and North America, respectively.
“Traditionally, growth has been reliant on increasing fossil fuel use, which is at odds with the burning need to decarbonize and limit the effects of climate change,” Robert Penman, Thematic Analyst at GlobalData, said.
“Climate change will increase energy demand and consumption even further. For example, air conditioning systems will be increasingly necessary around the world. The APAC region has some incredible potential for renewable development, but it is clear that the decisions made by leaders in this region between now and 2030 will be felt all around the world.”
APAC is expected to account for 43% of the total renewable energy generation by 2030, driven largely by investments in China Australia, and potentially, Mongolia.
“China is a clear winner when it comes to renewables in the APAC region. It has invested heavily in both solar and wind, and its highly productive companies will export these technologies and the necessary infrastructure worldwide,” Penman said.
“Australia will benefit greatly from the energy transition as it has access to key raw materials and enormous solar power potential—useful for hydrogen production. Last, but not least, Mongolia has the potential for 2.6 terawatts of renewable energy production. Major advances in battery storage would allow significant energy exports from this country.”