More RE investments needed in AsPac

MANILA, Philippines — Countries in Asia Pacific, including the Philippines, need to make more investments in renewable energy and accelerate decommissioning of coal plants to meet rising electricity needs without increasing carbon emissions, according to the Asian Development Bank (ADB).

“The region will need to invest trillions of dollars in a range of technologies including energy efficiency, renewable generation, and storage,” ADB Energy Sector Group chief Priyantha Wijayatunga said.

The recommendation was put forward as the region faces the challenge of how to meet electricity demand sustainably.

He said many still lack access to adequate electricity supply despite rapid progress on energy access across developing Asia and Pacific.

According to him, 940 million people experience frequent power interruptions.

Furthermore, he added about 350 million lack access to adequate electricity, while another 133 million have no electricity.

Citing the International Energy Agency, he said over 70 percent of growth in global electricity demand would come from China, India and Southeast Asia over the next three years.

By 2025, Asia is expected to account for half of the world’s electricity consumption.

In terms of source, about 57 percent of the region’s electricity was generated by coal, while 32 percent came from low-carbon sources like nuclear and renewables.

To attract more investments in clean energy technologies, Wijayatunga said governments need to put in place mandatory regulations, incentives, capacity building, and carry out information dissemination.

Aside from more investments, he said countries also need to accelerate decommissioning of coal plants.

He said countries in the region have to focus on decarbonizing end-user sectors, such as industry and transport, which will drive demand for clean energy.