DECEMBER 20228ASIA-PACIFIC RENEWABLE ENERGY OUTLOOK FOR A SUSTAINABLE FUTUREIEnergy use in Asia-Pacific will grow dramatically over the next decade and indeed, for the next hundred years. As a whole, the Asia Pacific region which is expected to use 133 percent more commercial energy in 2010 than it did in 1995. In economically dynamic East Asia, commercial energy demand will double & electricity-generating capacity is expected to nearly quadruple.The fundamental component of renewable energy, which is abundant and well established, is free. Eight nations own 81 percent of the world's proven reserves of crude oil, six countries hold 70 percent of the world's proven stocks of natural gas, and eight countries hold 89 percent of the world's proven deposits of coal. Over half of the commercial energy used in Asia, Africa, and Latin America is imported. The majority of these nations purchase energy at high prices while exporting crops at low prices, which reduces their ability to generate foreign cash. The fact that power generation in these nations is always rising makes this problem worse. Additionally, the global population is growing at a rate of 1.3 to 3.2 percent annually, doubling every 60 years.Therefore, in the year 2060, no doubt the expected population will be not less than 12 billion. While there has been good progress in installing renewable energy systems in recent years the base is relatively small and the industry is still young. But the industry's strength is that it remains buoyant and positive. There is still much to do if IEA countries are to effectively increase the share of renewable energy in total energy supplies and promote renewable energy worldwide. There are several issues which will affect the rate of market uptake of renewable energy sources.A-PAC Countries & their Ravenous Appetite for EnergyThe explosive hunger for energy is prompting struc-tural changes in Asian economies, primarily a move to-ward greater reliance on domestic, regional and global energy and financial markets to meet energy demand. The transition towards marketization will present gov-ernments with new policy imperatives and options. Given the increasing level of globalization, the most powerful policy instruments those which shape market incentives will be undertaken collectively.In a different scenario, thoughtful decisions in the energy sector about energy supply sources, technology, infrastructure investment, pricing and trade laws, and, most significantly, long term goals lead to a more secure and environmental friendly future. Given that regional and global markets are being used to supply energy resources in Asia, how markets are controlled will determine how well the energy industry performs. The Energy Picture of Asia: A Look Back in TimeRenewable growth has exceeded demand growth in only two years 2019 and 2020. But in those cases, it was largely due to exceptionally slow or declining demand, suggesting that renewables outpacing the rest of the electricity sector is not yet the new normal. Solar PV remains the powerhouse of growth in renewable electricity, with its capacity additions forecast to increase by 17 percent in 2021 to a new record of almost 160 GW. In the same time frame, onshore wind additions are set to be almost one-quarter higher on average than during the 2015-20 period. Total offshore wind capacity is forecast to more than triple by 2026.Rapid Expansion of Renewable Projects in the A-PACSOLAR PV REMAINS THE POWERHOUSE OF GROWTH IN RENEWABLE ELECTRICITY, WITH ITS CAPACITY ADDITIONS FORECAST TO INCREASE BY 17 PERCENT IN 2021 TO A NEW RECORD OF ALMOST 160 GWEDITORIAL EXCLUSIVE
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