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Opinion | How coal-hungry Asia can stoke its transition to green energy
- Whether the world even comes close to a net zero future will depend largely on energy policy decisions taken in Asia
- The risks, scale and needed speed of Asia’s energy transition require at least some financial burden-sharing by governments
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Soaring energy prices are putting Asia in a pinch. Since the region is highly dependent on imports of fossil fuels, growth is bound to suffer. At the same time, the rising cost of oil, gas and coal will further stoke price pressures.
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That’s a challenging combination for Asian economies already buffeted by the pandemic, China’s recent growth wobble and softening demand for its exports.
There is, however, a silver lining. The surging cost of fossil fuels should, in principle, accelerate the transition to greener forms of energy. Renewable sources, after all, have now become even more cost competitive.
Surely, the current energy crunch will only speed up the adoption of new technologies, weaning Asia off the stuff that’s spewing carbon dioxide into the atmosphere and warming the planet.
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Urgent action is needed. Whether the world even comes close to a net zero future necessary to limit the global rise in temperatures will depend largely on energy policy decisions taken in Asia.
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