Asia Pacific renewables (wind and solar) generation investments could double to US$1.3 trillion over the current decade to 2030 compared to the previous decade (2011 – 2020), says Wood Mackenzie, a Verisk business. In contrast, fossil fuel power investments are expected to decline by around 25% to US$54 billion a year. (Logo quoted from Yahoo’s image)

Under the current transition decade, subsidies across Asia are rolled back, while stronger policy targets and cost declines will continue. In most Asian markets, subsidy-free renewable power will not be able to compete with coal power until 2025 or later.

Speaking at the inaugural Wood Mackenzie Asia Pacific Power and Renewables Conference, research director Alex Whitworth said: “Asia Pacific power generation investments are leading the world and are expected to hit US$2.4 trillion in the current decade, with renewables accounting for over half or US$1.3 trillion of power investments.

“We expect coal to make up 55% of fossil fuel investments until 2030 but shrink to 30% in the 2030s as gas dominates.”

Top contributors to wind and solar investments in Asia Pacific include Mainland China, Japan, India, South Korea and Taiwan.

 Between 2021 and 2030, annual additional wind and solar capacities will average at around 140 gigawatts (GW) per year, accounting for two-thirds of average total power capacity additions in the region by 2030.

(IRuniverse)