“Asia is moving along a
dangerously unsustainable energy path that will result in environmental
disaster and a gaping divide in energy access between rich and poor unless the
region dramatically changes course,” says a new Asian Development Bank (ADB) report.
Energy Challenge highlights the
complex balancing act the region faces to deliver energy to all its citizens
while scaling back its reliance on fossil fuels.
In the face of this
challenge, Asian nations have developed strong solar (20 GW) and wind (82 GW)
capacity in the past decade. Their untapped potential offers great hope for a
clean energy transition.
In two nations, India and
Italy, solar and wind are now at grid parity with traditional fossil fuels. “Countries cannot meet all their power
requirements on their own, so Asia must accelerate cross-border interconnection
of power and gas grids to improve efficiency, cut costs, and take advantage of
surplus power. With increased cooperation, a pan-Asia energy market is
achievable by 2030,” the report says.
When banks say that renewables are competitive with
fossil fuels and can provide the grid reliability we require, then this market
is primed to accelerate. When the bankers say we need renewables – it’s
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