The reality that we need urgent action on climate change has
become almost unarguable as the 2030 deadline for achieving the United Nations’
Sustainable Development Goals looms large. Asia Pacific – the growth engine of
today’s global economy – remains at the epicenter of climate change.
As Asia Pacific’s economies shift up a gear, energy transition
has become a priority for governments and businesses alike. Asia is the largest
consumer of primary energy and the biggest emitter of carbon dioxide. Over USD
11 trillion in new investments will be needed in Asia to transform its energy
industry by 2030. The decisions made on energy investment today will have major
implications for the future, underscoring the importance of coordinated policy
and clear cooperation across countries.
But each Asia Pacific market has its own distinctive
characteristics, shaping their unique energy transition pathways. With the
emergence of new technologies and business innovations, companies and investors
need to reframe how they think about energy – and ultimately get prepared. This
dynamic and complex transition is creating huge opportunities for energy
companies, residential, commercial and industrial energy consumers, system
planners and financial institutions.
In the report, written by ENEA and commissioned by BNP
Paribas, it becomes clear that a sustainable energy transition can only be made
possible through collective efforts and smart investments now will generate
huge opportunities for those who take the time to understand and analyse the
complexities of the Asia Pacific energy trilemma today.