Asia Pacific sits at just 25% readiness for the energy transition, says Siemens Energy reportAsia-Pacific

– PV MAG – Apr 11, 2022 EDT ( Southeast Asia)

Regional and global business leaders, policymakers and government representatives throughout the energy sector convened at the 2nd annual Asia Pacific Energy Week themed “Making the Energy of Tomorrow Possible,” organized by Siemens Energy, to discuss regional challenges and opportunities for the energy transition.

Commenting on the Index, Christian Bruch, President and CEO of Siemens Energy AG, said

While we have seen successful decarbonization in a number of areas, strong economic growth is counteracting this progress, resulting in a net increase in overall emissions. With the Asia Pacific region responsible for more than half of the world’s CO2 emissions, global climate efforts must clearly involve Asia Pacific more in the future. Maintaining economic growth and prosperity while simultaneously reducing emissions in the medium and long term needs to be the top priority for the region.

While participants agreed unanimously that each of the energy priorities has an important role in the region, the accelerated expansion of renewables and the decarbonization of industry were considered the most critical factors.

When asked about their views of the progress made on these energy priorities, many participants highlighted that much remains to be done, with many of the priorities still in the planning phase. The most progress was reported in power generation, with more than 80% of participants saying that the acceleration of renewables is at least in the planning phase, with around a third already at implementation. Almost two-thirds of respondents reported a similar level of progress for coal exit strategies.

When asked about what needs to be done for these energy priorities, participants see Policy as the most crucial factor in almost every priority. Funding also emerged as a substantial need for most priorities. Click here to view the full Asia Pacific Energy Transition Readiness Index report.