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Asia-Pacific Must Invest Up to $9.7 Trillion by 2030 to Meet Energy Needs
TOKYO, JAPAN - The Asia and Pacific region must invest between $7 trillion and $9.7 trillion in the energy sector from 2005 to 2030 to meet the rapidly growing demand for energy in the region, according to a new report released by the Asian Development Bank (ADB).
The Energy Outlook for Asia and the Pacific projects regional energy demand to grow 2.4% every year between 2005 and 2030, outpacing the world average of 1.5%.
Nearly 80% of the region’s energy needs in 2030 would have to be met by fossil fuels–coal, oil and natural gas–and this will drive the growth in carbon dioxide emissions, the report warned. Net imports of oil are projected to increase substantially, nearly doubling the 2005 level by 2030.
The report is jointly published by ADB and the Asia-Pacific Economic Cooperation. It was launched together with another report, Energy Statistics in Asia and the Pacific (1990-2006), during the Pacific Energy Summit. The two studies were undertaken by the Asia Pacific Energy Research Centre of The Institute of Energy Economics of Japan.
During the launch, ADB Vice-President Lawrence Greenwood called on all stakeholders to seek a low-carbon path to meet growing energy demand in a socially, economically and environmentally sustainable way.
"Cooperation among the economies is needed to enhance energy security and sustainable development in the region," Mr. Greenwood said. "This can be done through sharing policy information, facilitating energy trade and conducting joint energy projects."
The Energy Statistics report found that the region consumed 34% of the world's total primary energy supply in 2006. But the per capita electricity generation of 1,800 kWh in the region is still 37% below the world average of 2,870 kWh.
Access to modern forms of energy is a necessary condition for economic development and a high standard of living. In 2005, in the Asia and Pacific region, about 930 million people did not have access to electricity.
Xianbin Yao, ADB's Director General for Regional and Sustainable Development Department, said that there is a need to build a more robust energy database in the region.
These publications are the first attempt to consolidate and project energy demand and supply information in Asia and the Pacific by country, sub-region and the region as a whole. These will provide insights into the recent energy situation and a wealth of information for stakeholders inside and outside the region to chart their course of action in planning for energy investments, sustainable development, and poverty alleviation.
The two reports consolidate historical trends of energy demand and energy outlook up to 2030 in ADB's 48 regional members.
The Pacific Energy Summit, organized by National Bureau of Asian Research and co-sponsored by ADB, is a gathering of the world’s top leaders in science, government, and industry to advance regional cooperation on technologies, programs, and policies necessary in meeting resource requirements, sustaining economic growth, and reducing environmental impact throughout the Asia-Pacific.