How can we meet Asia’s increasing energy demands?

Watch the World Economic Forum’s Annual Meeting of the New Champions session on Asia’s Energy Options on the video player below or following this link.

 

Background

China leads the world in both production and consumption of energy – not surprising given it is the world’s most populous country, with more than 1.36 billion people. What might come as a surprise, though, is that its total energy consumption has actually fallen in the past year, as has its reliance on coal as a primary source of power generation, thanks to increased use of hydropower, natural gas and nuclear energy.

The energy landscape is changing in Asia, and while China may be its greatest influencer, other Asian countries are having an impact as well, particularly when it comes to investing in renewable energy. In 2014 these countries invested a total of $43 billion in renewables, with Japan leading the charge at $35.7 billion. This marks an increase of 10% from 2013 investments, and 60% from 2012.

Asia’s energy future will be closely linked to China’s overall energy demand slowdown and continued investment in low-carbon innovation. This year also saw the introduction of the Association of Southeast Asian Nations (ASEAN) Economic Community, which will integrate the economies of its 10 member states. It remains to be seen how these changes will impact Asia’s ability to secure a sustainable energy future.

 

Author: Murray Nicol is Digital Project Lead at the World Economic Forum

Image: Workers stand outside a construction site after a day’s work in Beijing’s central business district. REUTERS/Jason Lee