There’s just no stopping coal in Southeast Asia. Surging investments in wind and solar energy won’t be enough to shake the fuel’s dominance in the region for decades to come, according to the International Energy Agency. Coal demand is expected to double to almost 400 million tons a year by 2040, the agency said in its Southeast Asia Energy Outlook published Wednesday. That’s 2.5% higher than its forecast from two years ago, even as renewable power capacity is seen more than tripling through 2040.
Energy blockchain applications are expected to generate $19 billion in revenue over the next decade, a 66.9% annual growth from 2018 level. The market is expected to generate $7.7 billion in revenue in 2028 alone. The increase in spending on energy blockchain applications is owing to an increase in the use of the technology in asset financing, proof of origin for power generation, electric vehicle charging and grid integration and transactive energy.
Southeast Asia is accelerating plans to harness energy from the sun in coming years as the cost of generating electricity from some solar power projects has become more affordable than gas-fired plants, officials and analysts said. The region, where power demand is expected to double by 2040, is striving to expand the share of renewable sources as developing nations seek affordable electricity while battling climate change.
A global trade hub and a strong example of the benefits of regional cooperation, Southeast Asia promises to emerge as one the most successful economic development stories of the 21st century. To fulfill its full potential however, the region should turn decisively to renewables to meet rising energy demand. IRENA Director-General Francesco La Camera will reinforce the importance of a low-carbon energy path in Southeast Asia at the Singapore International Energy Week 2019 (SIEW) this week.
The Asia and the Pacific region’s economic transformation and energy transition is fundamental to the success of global decarbonisation goals. That’s according to a new REN21 report, which suggests the deployment of renewables in the area continues to lag behind that of traditional energy sources – this is significant, as the region contributes 52% of the world population and accounts for most of the world’s population growth.
Even in Southeast Asia, coal is losing its lustre—only Indonesia has been building new plants in 2019
Southeast Asia is the only region in the world where coal has a growing share in the energy mix. But according to new data from San Francisco-based non-governmental organisation Global Energy Monitor (GEM) the signs are that the coal industry is on the wane, even here. In the first six months of this year, only Indonesia, the world’s fifth biggest producer of the fossil fuel, started to build new coal-fired power plants.
Global renewable energy capacity is set to rise by 50 per cent in five years' time, driven by solar photovoltaic (PV) installations on homes, buildings and industry, according to the International Energy Agency (IEA). Total renewable-based power capacity will rise by 1.2 terawatts (TW) by 2024 from 2.5 TW last year, equivalent to the total installed current power capacity of the United States.
Asia could grow its share of installed capacity for onshore wind from 230 Gigawatt (GW) in 2018 to over 2600 GW by 2050, a new report by the International Renewable Energy Agency (IRENA) finds. By that time, the region would become a global leader in wind, accounting for more than 50 per cent of all onshore and over 60 per cent of all offshore wind capacity installed globally. According to the “Future of Wind” published at China Wind Power in Beijing today, global wind power could rise ten-fold reaching over 6000 GW by 2050.