"Cross-border power exchanges can play a central role in helping Asia and the Pacific meet its booming demand for power, which is set to sharply outpace the rest of the world's over the next two decades, a comprehensive new study from the Asian Development Bank (ADB), prepared by a team from the Asia Pacific Energy Research Center of the Institute of Energy Economics under an ADB regional technical assistance project, reads.
Special Senior Advisor S. Chander believes that the ADB projects show the region will consume more than half the world's energy supply by 2035, with electricity consumption more than doubling as economic growth and rising affluence drive demand.
"Countries cannot meet these huge power requirements all on their own, so the region must accelerate cross-border interconnection of electricity and gas grids to improve efficiencies, cut costs, and take advantage of surplus energy," he said.
The Energy Outlook for Asia and the Pacific report provides in-depth data and projections on energy use at the sub-region, country, and sector levels until 2035, along with an analysis of the impacts of a "business as usual" approach to power, and an alternative approach in which countries scale up efficiencies and low carbon technologies.
According to the report, fossil fuels will continue to dominate the energy mix in the coming decades, with the demand for coal set to rise by more than 50 percent over the outlook period, or nearly 2 percent a year, led by consumption in China and a pickup in use in Southeast Asia as countries look for low cost options to diversify existing supply sources.
"Oil demand will also grow by 2 percent a year, led by the transport sector, with newly affluent South Asians buying an increasing number of motor vehicles. Natural gas demand will expand at the fastest annual pace of 4 percent because of the lower environmental burden and ease of use," the report reads.
"The reliance on fossil fuels presents major pricing, energy security, and environmental challenges, with Asia and the Pacific's carbon dioxide emissions set to double by 2035, making up more than half the world's total output," the report said. "Without reducing its heavy reliance on oil imports, using power more efficiently, and adopting more green energy options, the region will see a growing energy divide between the rich and poor and increasing threats from climate change."
According to the report, using a mix of efficiency measures, advanced generation technologies, and greater use of renewable power could almost halve the projected annual rise in energy demand through to 2035".
Source: Azernews
