Asia Accelerate the Growth of Renewable Energy Market
Greenpeace Japan identifies a USD 205 billion opportunity for renewable energy finance in Southeast Asia in the next 10 years – 2.6 times bigger than the coal market of the past decade. From 2021 to 2030, Southeast Asia’s demand for electricity will need USD 125.1 billion worth investment for solar energy, USD 48.1 billion for wind energy, and USD 32.6 billion for other renewable energy sources. Additionally, Southeast Asia’s emerging green bonds market is making an international shift away from fossil fuel finance.
Japan, China and South Korea are top global energy investors in Asia, with established ties in Southeast Asia. ‘Coal finance is drying up and banks are struggling to get a grip on clean energy finance,’ said Insung Lee, Greenpeace Japan’s energy team project manager.
Meanwhile, Taiwan also boosts the renewable energy market. Taiwannews showed that by 2025, Taiwan will generate 20% of its electricity through renewable energy, a goal which is backed by the Four-year Wind Power Promotion Plan and Two-year Solar PV Promotion Plan. Following these projects, the capacity of renewable power is expected to reach 26.9 gigawatts (GW) within 5 years.
In response to the trend, InfoLink, a consulting company providing market insights on renewable energy, organized "Green Taiwan: The Future of Solar Wind Power'' forum. The event brought together some market experts and energy company leaders to share insights, trends of the industrial supply chain, and other concerns.
There's no doubt that Asia is looking into inexhaustible and repeatable alternative energy sources such as solar, wind, and hydro. Renewable power technologies offer substantial opportunities for future cost reductions as the market matures. Factors such as increasing power demand and investment in renewable energy in countries of the region are expected to drive the market.
Source: pexels
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