Power generation is a major contributor to greenhouse gas emissions, accounting for c.40 per cent of the carbon footprint created by the energy sector globally. The decarbonisation of electricity will require a significant increase in the share of renewables within global electricity generation, from 29 per cent in 2020 to at least 90 per cent by 2050. Recognising this scenario, the corporate community understands the importance of Renewable Electricity (RE) in the transition towards a sustainable future, with those in Asia Pacific mobilising significant resources towards achieving net-zero carbon emissions in the energy sector by 2050.

The inaugural REenergising Asia Report provides a detailed overview of the RE landscape in 10 key markets of the region, which represent nearly half of the total electricity demand globally. This report offers an in-depth analysis of the state of RE in each of these markets, assessing progress in adoption of renewable energy sources, policy developments, the experience of corporates operating in them and most importantly insight into how the energy sector is working towards its net-zero ambitions.

Although the adoption of RE is progressing steadily, challenges still remain for the industry as it continues to transition. This study includes recommendations from subject matter experts on bridging the gaps to RE adoption in Asia as well as each individual market, with a view of renewables becoming the most dominant source of electricity in the coming decade. It finds that comprehensive regulatory support is required as well as a transparent and streamlined process for licencing, financing and sourcing RE. Capacity building and talent development are also important areas of focus as companies seek a smooth transition to RE.

This report, supported by HSBC, provides a detailed update on the energy transition and reflects on the active dialogue between stakeholders including end-users, practitioners, policymakers and investors that is currently underway. It highlights that the success of an orderly transformation will depend on the agility and pace at how all market players are able to translate aspirations into a robust actionable strategy with renewables at the heart of energy solutions. All of this will need to continue for a future of sustainable growth.

Read the full report here

 

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