While the global coronavirus pandemic continues to have significant macro-level political and economic impacts on the Asia-Pacific and the world more generally, it is also likely to affect key industries in profound ways. Among the most notable sectors to watch is the energy realm, where COVID-19 could reshape interactions between various actors across several levels in the region with ripple effects for geopolitics more generally. Over the past few years, Asia’s energy future has been driven by a series of broader, long-term trends.
One of the few silver linings of the coronavirus cloud for city dwellers worldwide has been the improvement in the environment. And as carbon emissions are set to decline by almost 8% this year, demand for renewable energy has surged. According to the International Energy Agency (IEA), measures in place in almost every country are driving a major shift towards low carbon sources of electricity including wind, solar PV (in which solar radiation is converted directly into electrical currents), hydropower and nuclear.
According to Wood Mackenzie estimates, 2020 global solar and energy storage installations are expected to drop nearly 20% compared to pre-COVID-19 projections; wind turbine installations are expected to decline by 4.9 gigawatts (GW), a 6% decrease…Here are three reasons why stimulus packages must include renewable energy investments: 1. Clean energy yields an economic return 3 to 8 times higher than the initial investment; 2. The instability of fossil fuel prices presents a global opportunity to accelerate the shift to clean energy; 3. Ambitious investment in renewable energy and energy efficiency could lead to 63 million new jobs by 2050.
The new State of Southeast Asia 2020 survey report released by Singapore’s ISEAS-Yusof Ishak Institute shows that climate change is now among the top security concerns expressed by regional experts and opinion leaders. 66.8% of the 1,308 Southeast Asian experts surveyed for the report from across ASEAN are concerned about climate implications, up from 52.6% in 2019...Over the past few decades, climate hazards have brought devastating impacts to the region. 52.7% of respondents in the State of Southeast Asia 2020 survey believe it is a severe and immediate threat to the well-being of their states.
ASEAN Smart Grid Market to grow at a CAGR 18.76% from 2019 to 2024 according to a new research report
The increasing demand for energy efficiency and the need for transparent energy consumption mechanism has propelled the need for smart grid in the ASEAN market. Moreover, there is an increased concern to reduce transmission and distribution losses across the supply chain to reduce power outages. The ASEAN smart grid market is projected to grow from $1,248.8 million in 2019 to $2,949.6 million by 2024, at a CAGR 18.76% from 2019 to 2024.
Further cost reductions in both large scale solar PV and onshore wind projects mean that these two technologies are now the cheapest form of new build energy generation in areas that count for two thirds of the world’s population, and 85 per cent of the globe’s electricity generation. The latest benchmark report from research company BloombergNEF show that in just the last six months the levelized cost of electricity (LCOE) for onshore wind has fallen a further nine per cent, its most significant drop in five year.
As large parts of the world hunker down and social distance to slow the spread of the coronavirus pandemic, more and more research is being released and studied suggesting that we can build back better to create a healthy, resilient, prosperous, just, and decarbonized world after the current crisis dies down. Employment opportunities are a key consideration in planning for low-carbon economic growth. The widespread adoption of renewable energy technologies creates employment opportunities up and down the supply chain.
Across much of Southeast Asia, windy coasts stretch as far as the eye can see, sunshine is plentiful, and mighty rivers snake across the land...Some countries are faring better than others in the renewables race, but who exactly is currently the front-runner, and what is their magic recipe for success? To find out, watch this video, which is part of Eco-Business’s series on Southeast Asia’s clean energy transition. For more in-depth analysis, read our special report on Southeast Asia’s renewable energy switch, which digs into the challenges facing countries as they scramble to move away from dirty fossil fuels.