APAC

Robust and well-defined regulatory frameworks create an environment of transparency and predictability, allowing industry players to make long-term investments and innovations.

Asia Pacific will account for nearly half of the installations.

Rockell’s observations shed light on emerging technologies like hydrogen, biofuels, and nuclear energy, as well as policy initiatives driving electric vehicle adoption and innovations in hard-to-decarbonise sectors.

For energy transition to be successful in Asia, the oil and gas sector must manage the growing energy demand, secure investments for renewables and integrate intermittent energy sources into existing grids, whilst leveraging opportunities to diversify the energy mix and improve resilience.

Amol Mody of GE Vernova’s Gas Power highlighted the importance of successful collaborations and supportive government policies for achieving a sustainable energy transition in Asia.

Experts have mixed views of the effectiveness of the nascent technology in decarbonisation.

Asia continued to drive coal demand growth.

The country added nearly 24 GW of hydropower in 2022.

The region has a total installed hydropower capacity of 164 GW.

These challenges include supply shortages, monopolisation, and geopolitical concerns.

Fossil fuel exit is still a steep climb as Asian markets need to rely on coal power at least in the short run for energy security.

Renewables and nuclear account for 39% of global electricity generation.

As the demand for clean and sustainable energy rises, legacy systems no longer possess the agility and flexibility required to meet evolving customer needs and sustainability targets.

The G7’s push for faster decarbonisation includes ending subsidies for coal power, and supporting cleaner energy technologies.

Solar PV capacity growth dominated the non-hydropower renewables sector. 

Rystad Energy noted this is a ten-fold increase compared to current annual additions.