Key takeaways from the presentation “Power Grid Interconnections to Accelerate Asia’s Energy Transition” are interconnection accelerates energy transition. Further, as renewables shares grow, benefits of interconnection also increase. In addition, grid-to-grid integration combined with multilateral trading enables secure and efficient green energy integration.
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It assesses the urgent need to accelerate a feminist just energy transition in Asia. Working towards this shift will require a consistent effort to go beyond false solutions such as those based on extractivist renewable energy projects and corporate greenwashing which seek to undermine a transition that is truly gender-just.
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The number of people connected to electricity has risen dramatically since 2000 in Central and South Asia from 60% to 96% in 2020. Despite this positive trend, the region is unlikely to reach energy access targets by 2030. Other indicators, such as the share of renewables in the overall energy mix, are moving in the wrong direction, particularly in low-income economies, as UNESCAP data shows.
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Pumped hydropower storage utilises pumps to drive water to a reservoir at a higher altitude for large-scale long-duration energy storage, and turbines to generate electricity when the stored water is released. Typically, when on-grid electricity demand and prices are low, operators draw electricity from the grid to power pumping systems. Conversely, when demand is high, operators release water to generate electricity either to sell back to the grid or to power their own needs.
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The climate crisis is a defining challenge for Asia and the Pacific, which as a region is the most vulnerable to global warming, and a significant contributor to its cause. Yet, it is not all doom and gloom. Driven by a combination of climate change, finance, and digital technology —collectively known as ‘climate fintech’ — the financial services industry is preparing to address these challenges and capture opportunities for transitioning to a more sustainable economy.
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TotalEnergies and Eneos, two French energy companies, have gained approval to form a joint venture (JV) to develop 2 GW of business-to-business (B2B) solar projects in Asia over the next five years. The TotalEnergies ENEOS Renewables Distributed Generation Asia Joint Venture was first launched in April 2022.
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If the Indo-Pacific Economic Framework (IPEF) becomes a binding agreement that delivers on its ambitions, many Asia Pacific economies could receive a boost to their clean energy needs. The US-led IPEF can complement the China-led Regional Comprehensive Economic Partnership (RCEP). Together, they would cover countries which need a combined annual spend of about USD1.27T to hit the 1.5°C climate goal.
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The South Asian countries have been engaged in cross-border electricity trade (CBET) for over a decade now through bilateral transactions. The South Asian region presents a great opportunity to link economies through an integrated regional power market, which requires strengthening transmission connectivity and access, thereby facilitating energy security and helping achieving greater economic prosperity.
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The total power generation capacity in Afghanistan stood at 641 MW in 2020 as per the latest available statistics from the International Renewable Energy Agency (IRENA). About 52 per cent of the capacity (333 MW) was accounted for by hydro, 43 per cent (277 MW) by thermal and the remaining 5 per cent (31 MW) by solar. Generation capacity addition has been paltry over the years with the installed capacity recording a compound annual growth rate (CAGR) of 2.8 per cent between 2006 and 2020.
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Several high-profile investors have entered Vietnam’s C&I market. The French utility group EDF and its local partner, investment fund VinaCapital, have committed USD100 million over the next three years for a pipeline of 200 MWp of C&I rooftop solar power systems. South Korean conglomerate SK Group has pledged USD200 million and a 250 MWp installation target in the next few years, with local partner Nami Energy.
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In recent years, Carbon Capture Utilization and Storage (CCUS) discussions have gained traction in Southeast Asia (SEA). With the technology-intensive nature of CCUS, several countries could provide reference points for the CCUS potential in Asia: China, Japan, and South Korea. All three countries have a long history of technology leadership and energy investments in the region. Their experiences with CCUS can provide a glimpse into the future path of CCUS in SEA.
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ACEN, a power company based in the Philippines, and ib vogt, a German engineering firm, have agreed to enter into a joint venture (JV) to fund the construction and operation of nearly 1 GW of solar power facilities across the Asia-Pacific region. The proposed JV will operate in Bangladesh, Malaysia, Indonesia, Vietnam, Malaysia, and other countries in the region to develop shovel-ready and late-stage projects.
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Hydropower projects in Asia face significant headwinds arising from environmental and social opposition, alongside financing hurdles. Hydropower projects have consistently been facing opposition stemming from environmentalists and local communities, as damming of rivers has implications for the ecology and livelihood of people around the rivers. In addition to environmental and social opposition, financing of hydropower projects remains limited, given the high capital required and long construction times before electricity is generated and sold.
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We expect to see over 1,800 GW of new non-hydropower renewable capacity come online over the coming decade, a significant increase against our previous 10 year forecast of 1,400 GW. Growth is supported by global decarbonisation efforts and declining costs with Asia the leading region accounting for 57% of additions. Solar capacity growth will eclipse all other renewables combined with over 1000GW of additions expected with rooftop solar making a global resurgence.
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At the Asian Infrastructure Investment Bank’s (AIIB’s) annual meeting last October, President Jin Liqun made a bold statement: the AIIB would align its operations with the goals of the Paris Agreement by 1 July 2023. This commitment followed one the bank made earlier in the year for 50% of its yearly approved financing to be for climate finance by 2025. The AIIB also launched itself as a “green” multilateral development bank (MDB) in early 2016, though has not defined what this means.
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Renewable power production in 2021 was twice as much as it was ten years ago; however, the 57 TWh increase in renewables between 2011-2021 met barely half of the surge in power demand (+95 TWh). Turkey needs to at least double its renewable deployment rate and curb its thirst for power consumption in order to decarbonize its electricity sector and lower its import bills. Otherwise, an upward trend in demand together with hydropower volatility may even pose an energy security risk.
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Backed by surveys of the electric industry and large electric users in Asia, the Black & Veatch 2022 Asia Electric Report reveals the single biggest challenge the industry is facing: integrating renewable energy to maintain a resilient and reliable grid. The report also highlights the growing role of new stakeholder influences on the industry, what technologies will receive more investment, and, for the first time, brings in the perspective of large intensive energy customers in Asia.
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This report tracks renewable energy commitments and follow-through by 30 of East Asia’s leading technology companies. Companies were selected from the 2019 Forbes Top 100 Digital Companies list, with consideration to domestic market value and social impact. Ranking criteria and evaluation methodology were developed by Greenpeace East Asia.
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Nowhere in the world is as critical for the clean energy transition as Asia, which accounts for almost half of global energy demand and is today the world’s highest emitting region, overtaking historical heavy emitters in North America and Europe. Now it’s important that mammoth economies and smaller countries alike continue to ramp up renewable energy to meet targets, cut emissions and keep communities healthy. So how can Asian countries achieve a successful clean energy transition?
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To align its energy operations with Strategy 2030, ADB reviewed its 2009 policy, recognising the changing contexts and increasing needs of ADB’s developing members while mindful of the impacts of increasing energy use on the climate and environment. Recently, in October 2021, ADB approved a new Energy Policy that aims to support universal access to reliable and affordable energy services while promoting the low-carbon transition in Asia and the Pacific.
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