Asia to generate 67% of future electricity from renewable energy

MANILA, Philippines - Renewable energy sources will account for 67% of the electricity produced in developing countries in Asia by 2050, supplanting the need for nuclear energy and reducing requirements for fossil fuel-fired power plants, according to a comprehensive plan for future sustainable energy provision launched Friday. The report, "Energy [R]evolution: A Sustainable World Energy Outlook," produced by the European Renewable Energy Council and Greenpeace International shows that aggressive investment in renewable power generation and energy efficiency could create an annual $360 billion industry worldwide, provide half of the world’s electricity, and slash over $18 trillion in future fuel costs while protecting the climate. The study provides a practical blueprint to rapidly cut energy-related CO2 emissions to help ensure that greenhouse gas emissions peak and then fall by 2015. This can be achieved while ensuring developing economies in Southeast Asia, China, India and other developing nations have access to the energy that they need in order to develop. "This report shows that there is a way forward toward economic prosperity in Asia while at the same time protect our future generations from the threats of climate change," said Beau Baconguis, campaign manager for Greenpeace Southeast Asia. "We now need bold new energy policies from our leaders to revolutionize the way we produce and consume energy," she added. Baconguis said "strict efficiency standards make sound economic sense and dramatically slow down rising global energy demand." "The energy saved in industrialized countries will make space for increased energy use in developing economies. With renewable energy growing four-fold not only in the electricity sector, but also in the heating and transport sectors, we can still cut the average carbon emissions per person from today’s four tons to around one ton by 2050," she said. Oliver Schäfer, EREC policy director said "the global market for renewable energy can grow at double digit rates until 2050, and overtake the size of today's fossil fuel industry. Currently, the renewable energy market is worth USD 70 billion and doubling in size every three years." "Because of economy of scales, renewable energies such as wind power at good sites are already competitive with conventional power. From around 2015 onwards, we are confident that renewable energies across all sectors will be the most cost effective energy capacities. The renewable industry is ready and able to deliver the needed capacity to make the energy revolution a reality. There is no technical impediment but a political barrier to rebuild the global energy sector," he added. The report highlights the short window for making key decisions in energy infrastructure. To achieve a greenhouse gas emission peak by 2015 and a fast reduction afterwards, governments, investment institutions and companies must act swiftly and a strengthened UN climate deal must be agreed, the study said. - GMANews.TV