Powering Asia’s Future
![Powering Asia’s Future Powering Asia’s Future](https://i0.wp.com/imageio.forbes.com/specials-images/imageserve/66c6b6f35e145bf755c13e19/0x0.jpg?format=jpg&crop=2344,1319,x0,y121,safe&height=900&width=1600&fit=bounds&w=780&resize=780,470&ssl=1)
As the world moves toward a future powered by sustainable energy, Asia is at a turning point. The region, home to almost 60% of the global population, is both a significant energy user and a leader in renewable energy. Today, we have a unique window of opportunity to move past traditional fossil fuel pathways.
A recent report by The Rockefeller Foundation has identified a “Green Power Gap”: the clean energy capacity that must by generated by 2050 for energy-poor countries to meet development and climate goals. The report identifies 72 countries with insufficient energy access, almost a quarter of which are in Asia. In addition to impeding economic growth, this lack of access widens inequality.
Energy-poor countries have only seen a 500 kilowatt-hour (kWh) per annum increase over the past 50 years, compared to emerging economies that have seen an increase of 4,000 kWh. To close this gap, energy-poor countries will need to deploy 8,700 terawatt-hours (TWh) of clean energy. This is an ambitious target.
Fortunately, countries across Asia have the ability to develop diversified, flexible power systems that not only meet their own national energy demands but also help achieve global climate goals. The region is endowed with some of the best solar resources in the world as well as complementary wind, geothermal, and hydropower resources.
To realise this promise, substantial funding, technology transfer, and international collaboration are needed. There isn’t one solution that will work for everyone. For example, nations like India, which have well-developed grid networks, are excellent candidates for progressive grid greening strategies that include phasing down fossil fuels and doubling down on renewable energy. On the other hand, decentralised renewable solutions such as solar mini grids could help rapidly extend energy access in countries with less developed grids, like Bangladesh or Myanmar.
To close the Green Power Gap, it would be relevant for countries to consider:
1. Accelerating investments in renewable energy: Financial institutions, governments, and private sector investors need to prioritize financing for renewable energy projects in Asia, from massive solar and wind farms to neighborhood-based setups that can quickly lift up areas with low energy supplies.
2. Promoting regional cooperation: Asian nations should work together to exchange technological know-how, establish cooperative financing channels for the widespread deployment of renewable energy, and grow regional energy markets.
3. Encouraging policy and regulatory reforms: National governments may consider implementing measures that encourage the use of renewable energy, such as tax breaks, feed-in tariffs, and expedited permitting procedures. Furthermore, attempts to eliminate fossil fuel subsidies and redirect the money to clean energy projects would be beneficial.
4. Promoting innovation and capacity building: Asia needs to make the most of its strengths in the development of next-generation renewable technologies and cultivate the local knowledge required for the efficient installation and upkeep of these technologies.
Closing the Green Power Gap is in every country’s interest. If the world’s energy-poor nations continue to grow using fossil fuels, global emissions are expected to surpass the targets outlined in the Paris Agreement, which would have disastrous consequences for all of us.
We hope that quantifying this Gap can be the first step toward the collective action needed to address it. By developing energy transition plans, designing investment-grade regulatory environments, and building institutional capacity and local expertise, Asian countries can lead the global drive to slow the climate crisis and accelerate human opportunity.
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