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The View | How Asia can surpass the West in its transition to green energy
- As Asia expands its energy system to meet growing demand, it can leapfrog other regions by adopting best practices from Europe and the US
- Finding a new approach to decision-making and tapping innovation in finance can also pave the way
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Developing countries in Asia make up more than half the global population and contribute about a quarter of the world’s economy, so it is no surprise that the region is expected to drive the lion’s share of global energy demand growth in the next decade.
Yet, balancing economic development with decarbonisation, while maintaining reliable energy access, will not be easy. Instead, it is becoming the defining challenge for the region.
Given the lessons of the past 10 years, how can developing Asian economies leapfrog those in the West and supercharge the next wave of the energy transition?
According to the World Economic Forum’s Energy Transition Index, which measures progress, Asia has improved faster than other regions. It increased its score by 6 per cent from a decade ago thanks to improvements in energy access and security.
Despite this, per capita energy usage in the region has grown almost 18 per cent in the past decade, compared to a 4.8 per cent fall in more advanced economies. Coal still plays a major role in many Asian economies’ energy mix, making this growth carbon-intensive.
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In fact, global coal consumption has grown in absolute terms in the past decade. This has been driven primarily by continued demand growth in Asia, home to the world’s manufacturing base and a thriving petrochemical industry.
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