How can the ASEAN Power Grid facilitate investments in renewables?

To facilitate investments in renewables in ASEAN, it is critical to overcoming the barriers in renewable energy legislation, energy governance, and business environment. 28 Cooperation through the ASEAN Power Grid brings economic benefits to the region as a whole, and thus improves the affordability for energy transition.

What is the energy transition in the Asia-Pacific region?

Тhe energy transition of the countries in the Asia-Pacific region is a story of extremes. While Asia remains home to 82% of the global coal power and has the biggest gas expansion plans, it is also the only region on track with the goal of tripling renewable energy capacity by 2030.

How much energy do companies invest in Asia?

In the ETS, companies, financial institutions, governments, and consumers invest a total of $74 trillion on energy-related infrastructure, technology, and products (Figure 11) in Asia Pacific by 2050, representing more than 40% of the total global spend.

Why is battery storage so important in Asia Pacific?

Advances in battery technology and economies of scale from the rise in EV adoption is driving down lithium-ion battery costs, making it increasingly economic to install for power applications. Asia Pacific’s battery storage assets are concentrated in China, which accounts for 75% of the region’s installed battery storage capacity.

Why is energy demand increasing in Asia Pacific?

Fossil fuel-based power generation Rapidly growing economies and industrial activities in many of the Asia Pacific markets drives significant growth in electricity demand under both the ETS and NZS. Total generation in the region increases 31% from 15,152 terawatt-hours (TWh) in 2023 to 27,135TWh by 2050 under the ETS.

How fast is energy access in Asia & the Pacific?

Progress on access to energy has been rapid across developing Asia and the Pacific, reaching an overall electrification rate of 96% in 2019, or a 16% increase since 2010. However, 1 ADB. 2020. ADB Sector-Wide Evaluation: ADB Energy Policy and Program, 2009–2019. Manila (August).