APAC

Asia has a powerful climate financing challenge. Taking the power sector for example, the region is projected to consume half the world’s electricity by 2025, and whilst growing renewable energy adoption offers encouraging signs of transition, the reality is that significant additional financing is required to deliver a net-zero power landscape.

They will set up an outline of global targets for renewable energy.

The MoU was valued at US$2b. 

Whilst European FIs are leading coal divestments, FIs from Asia are also rapidly increasing. 

The region’s capacity growth will be largely driven by China.

GEM estimated coal retirement globally needs to be almost five times faster.  

The awards programmes recognise companies that have demonstrated excellence, innovation, and sustainability in addressing the challenges and opportunities in the energy sector.

The country wants to increase its renewable energy capacity to 40%, IEEFA said. 

The region has the world’s largest growing electricity demand, Fitch Solutions said.

A high-yield issuance outside of India was opened after more than a year of hiatus.

Bangladesh, India, Indonesia, Pakistan, and Vietnam will be prioritised for the fund.

The country set a 15% renewables target in 2021, up from 10% initially.

IEEFA argues the economic case for CCS in fossil-fired power plants is weak. 

Asia is expected to be the largest pumped hydropower storage market by 2023.

CCS could drive LCOE for thermal power by up to double its alternatives. 

The projects will be in APAC, Europe, and the US.