Delegates attending the Future Energy Asia virtual conference today heard that Asia is projected to need nearly $ 3 trillion in cumulative energy investments to achieve a sustainable path by 2040.
Asia remains a leading energy demand center and will increasingly drive global energy trends. The energy demand in Southeast Asia has increased by 80% since the year 2000 and is thus well above the global average. That rapid expansion has maintained the pace during the pandemic and is set to accelerate in 2021, according to spokesmen for the Future Energy Asia conference hosted by Thailand.
Significantly, US $ 60 billion annually must be invested in the region’s power generation, transmission and distribution infrastructure to meet the region’s growing electricity needs.
Higher incomes, industrialization and a growing urban population mean that Southeast Asia’s energy needs will be twice the global average by 2040. How that needs will be met, however, will depend on the region’s policy choices, Tim Gould, chief energy economist for the International Energy Agency (IEA) told the conference.
Electricity consumption in Southeast Asia is growing rapidly, using low-cost renewables to address growing emissions and pollution concerns, while investing in grids and storage that will crucially turn the future power generation mix away from coal, Gould said.
Officially organized by the Thai Ministry of Energy and jointly organized by EGAT and PTT, the exhibition and the Future Energy Asia summit will take place virtually from August 25 to 27, 2021.