UPDATED 1 Sept: The EI library in London is temporarily closed to the public, as a precautionary measure in light of the ongoing COVID-19 situation. The Knowledge Service will still be answering email queries via email , or via live chats during working hours (09:15-17:00 GMT). Our e-library is always open for members here: eLibrary , for full-text access to over 200 e-books and millions of articles. Thank you for your patience.
New Energy World
New Energy World embraces the whole energy industry as it connects and converges to address the decarbonisation challenge. It covers progress being made across the industry, from the dynamics under way to reduce emissions in oil and gas, through improvements to the efficiency of energy conversion and use, to cutting-edge initiatives in renewable and low carbon technologies.
South-east Asia could save $160bn through transition, says IRENA
28/9/2022
South-east Asian countries can meet their growing energy demand with renewables and cut 75% of their energy-related CO2 emissions by 2050, according to a recent report from the International Renewable Energy Agency (IRENA).
The Association of South-East Asian nations (ASEAN) is home to one of the youngest coal power plant fleets in the world. Yet an increasing number of ASEAN members have set net zero emissions targets by around mid-century. Planning the transition must begin now if climate goals are to be met, with coal power substitution as a top priority not least to avoid stranded assets, according to IRENA. The report identifies transition pathways focusing on renewables, electrification and emerging technologies such as hydrogen and batteries, and builds on the political momentum for change in the region.
IRENA’s Director-General Francesco La Camera says: ‘With its massive renewable potential, south-east Asia stands at a historic crossroad between moving away from fossil fuels and towards a renewable energy transition that meets the region’s economic growth and rising energy demand. Coal retirement, coupled with renewables and regional grid interconnection, is an indispensable step to aligning with net zero targets. Half of ASEAN members have signed up to international efforts to end coal in the power sector. Climate commitments require concerted and accelerated action, that must begin now to have a hope of success.’
As renewables have become the cheapest power option in much of south-east Asia, renewable capacity additions can cost-effectively increase up to 40% of total power capacity by 2030 compared to one-quarter today, the report says. This equates to around 300 GW of new renewable capacity installations, most of it solar and wind.
Significant investment is needed to boost renewables in the national energy mixes, but overall costs are balanced by substantial savings on supply and fuel costs. ASEAN’s investment in renewables must almost triple the current levels, the report finds. It estimates that investment opportunities include renewable power, transmission, biofuels, energy efficiency, hydrogen and electromobility and could amount to over $6tn cumulatively to 2050.
Countries could reduce their energy costs by as much as $160bn to 2050, the reports adds. Overall, the avoidance of costs related to health and environmental damage caused by fossil fuels could bring savings of up to $1.5tn cumulatively to 2050.
Electrification of end-uses is important, ranging from electrifying transport, buildings and industries to electric vehicles, and from electric cooking to clean hydrogen production. The electricity share in final energy will need to rise from 22% today to more than half by 2050, says IRENA. Clean hydrogen could provide a complementary solution for the region’s ambitious climate objectives.
Clean hydrogen and its derivatives also provide an alternative for decarbonising transport modes like shipping, and some heavy manufacturing industrial processes. It will also bring significant supply chain opportunities, for example in battery, green commodities and green materials manufacturing, the report concludes.
