In a move to accelerate decommissioning of coal plants in Asian-Pacific countries (AsPac), foreign and local investors are encouraged to invest on renewable energy (RE), and help meet the rising electricity needs without increasing carbon emissions as strongly recommended by the Asian Development Bank (ADB).
The ADB projects that the AsPac region will need to invest trillions of dollars in a range of technologies including energy efficiency, renewable generation, and storage. ADB’s recommendation comes at a time that the region is facing the challenge of how to meet the electricity demand sustainably. This is shown by the 940 million people experiencing frequent power outage. Of these, 70 percent in the global electricity demand will come from China, India, and Southeast Asia over the next three years. And, that about 57 percent of the region’s electricity was generated by coal, while 32 percent came from low-carbon sources like nuclear and renewable energies.
ADB management suggested that in order to attract more investments in RE or clean energy, “. . .governments need to put in place mandatory regulations, incentives, capacity building, and carry out information dissemination, including decommissioning of coal plants and decarbonizing, etc.
MY COMMENT :
Indeed, the millennial name of the energy game is switching to renewable energies, decommissioning of coal plants and decarbonization. For RE development, the country could be a virtual hub for investors as the Philippines parade its potentials like solar, wind, offshore sources.
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