[Cable Network News] Wood Mackenzie said that by 2030, investment in renewable energy power generation in the Asia-Pacific region may double from the previous ten years to 1.3 trillion US dollars, which will reduce fossil fuel electricity expenditures by about 25% each year. To 54 billion U.S. dollars.
Alex Whitworth, the research director of the consulting company, said: “The power generation investment in the Asia-Pacific region is a world leader and is expected to reach US$2.4 trillion within ten years, of which renewable energy accounts for more than half of the power investment...”
Woodmac said in a report on Tuesday that China, Japan, India, South Korea and Taiwan will be the largest contributors to renewable energy investments (including solar and wind energy) in the region, with an average annual new installed capacity of about 140 gigabytes. watt.
In contrast, Wood Mackenzie said that Australia, the leader in the energy transition in the Asia-Pacific region,’s renewable investment will fall by 60% in the next five years, but will rise again to an average of US$7 billion per year in the 1930s. "The country is shutting down aging coal-fired power plants and is facing reliability and cost challenges at least 10 years ahead of other Asian countries." Whitworth said that coal is expected to account for 55% of fossil fuel investment in the Asia-Pacific region by 2030. In the 1930s, it was reduced to 30% due to the dominance of natural gas.
By 2025, carbon emissions from the power sector in the region may reach a peak of 7.3 billion tons. Whitworth said that although the region’s power sector’s carbon emissions are expected to fall by 47% from its peak in 2025, “the inertia of coal-fired power facilities will hinder the Asia-Pacific region from achieving carbon-free power by 2050.”
Whitworth said that new technologies such as carbon capture and storage and green fuels including hydrogen, ammonia and biomass will be the key to reducing emissions from the power sector.
