The Chinese economy is beginning to cool, but its requirement for energy is still on the rise. So is its capacity to generate this extra energy from various sources, including wind, solar, hydroelectric, coal and nuclear.
Other Asian countries are quickly following suit due to skyrocketing energy needs where industrialization is overtaking the production of power from renewable sources.
Experts calculate that more than US$250 billion will be spent per year in Asia to create more sources of renewable energy. This totals to almost two thirds of the continent’s total power investment, as reported by Bloomberg Energy Finance. By 2030, the experts say that the region will generate about one third of their power from carbon free sources. Solar energy will become the greatest source.
However, the use of non-renewable fossil fuels is on the rise as well, contributing to Asia’s carbon footprint and climate warming emissions.
Justin Wu, lead analyst at Bloomberg New Energy Finance, said that the story is all about growth. It is going to add a lot more power of all types.
China remains Asia’s energy giant and accounts for almost half the world’s coal use. It also leads the world in solar and wind installations, along with other renewable energy technologies.
The leaders of Asian countries have begun to take clean energy targets seriously and are driving for larger expansion plans. China’s wind turbine sector alone is expected to produce almost two and a half times the total power generation of Britain by the year 2020.