Asia Pacific renewables could attract US$1tn of investments this decade

Published onSeptember 9, 2020

Solar and wind power represent a US$1 trillion investment opportunity in Asia Pacific this decade, equivalent to two-thirds of the region’s total power generation sector, as countries move away from fossil fuel generation in favour of greener alternatives. That is according to a new Wood Mackenzie report, which reveals the share of wind and solar in the Asia Pacific power generation mix will more than double to 17% by 2030, with more than 51 markets out of 81 modelled exceeding 10% renewable energy. Gas and dispatchable power will still continue to play a “key role” in providing flexibility to power systems in the region, with fossil fuels making up a US$500 billion investment opportunity in the next ten years. Wood Mackenzie senior analyst Rishab Shrestha said coal investment will fall from its peak of US$57 billion in 2013 to US$18 billion by the end of the decade…Meanwhile, energy storage capacity is forecast to more than double during the transition decade to 9% of peak load, with pumped hydro storage dominating, as battery storage rapidly develops.