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The World’s Green Energy Transition Depends On Asia
The rapid green transition of the Asian region may be key to the rest of the world meeting its climate pledges, according to several experts. The speed at which some of Asia’s largest countries and biggest polluters, such as China and India, achieve net zero could determine the success of other regions around the globe in accomplishing a green transition. And while China is progressing with the acceleration of its shift to green, several other Asian countries may need greater support to achieve this goal.
According to Petronas CEO Tengku Muhammad Taufik, Asia must hit its net-zero targets for the rest of the world to do so. Taufik explained, “The bulk of the emissions [that] are expected to emit will be produced in Asia going forward.” He added, “The world cannot achieve net zero without Asia achieving net zero.” As Asia will contribute around half of the world’s GDP by 2040 and 40 percent of global consumption, its transition to green will be key to the world meeting its climate targets. Taufik also highlighted the importance of world leaders working together to achieve their climate goals, as no one power can meet the goals outlined in the Paris Agreement by working in isolation. This includes the aim of limiting global warming to well below 2°C and pursuing efforts to limit it to 1.5°C.
At present, emissions from Asia’s developing economies and emerging markets are increasing at a faster rate than other regions, rising by 4.2 percent in 2022. This is largely due to the rapid rate of industrialisation across the region, as well as the growing energy demand of several huge populations. Many Asian countries, including China, India and Indonesia, continue to rely heavily on coal to meet their energy demand, which is much more polluting than green alternatives or even other forms of fossil fuel.While Asia is not likely to move away from fossil fuels any time soon, as it depends on coal, oil, and gas for both its industry and consumer energy needs, a lot can be done to develop its renewable energy capacity at a more rapid rate. Greater investment in green energy and related technologies across the region will support efforts to decarbonise, as well as support an eventual shift away from fossil fuels to renewable alternatives. Unlike many European countries, Asia is not yet in a position to drop fossil fuels, but this could allow it to do so within the coming decades. Taufik emphasised the idea that “We’ve always positioned natural gas as a transition fuel,” and this will be key to energy security in Asia for the mid to long term.
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