AUGUST 2019 | MANE ENERGY | 15
Asia’s renewable energy sector has grown rapidly over the last few years. Economic growth has exceeded 4% year on year due to rapid urbanisation and industrialisation throughout the region and due to this energy consumption has doubled since 1995. Needless to say, this has driven up the energy sector.
Asia’s renewable energy capacity has nearly doubled in the last five years, making up a significant amount of the estimated global supply of 2,351 gigawatts. Over 2018, Asia accounted for 61% of new renewable energy installations, proving the region is a powerhouse for renewables right now.
The rising economies and growing populations have led to Asian nations developing ambitious renewable-energy goals that will require substantial expertise and capital investment. Asian countries such as China, India, Japan, South Korea and Taiwan are emerging as the new engines for offshore growth.
RENEWABLE ASIA
China alone is set to install 10GW of offshore wind energy by next year, meaning overall they will exceed 30GW, a huge climb from its 2017 capacity of 2.8GW.
According to Bloomberg, China was responsible for almost half of the world’s $25 billion investment in offshore wind energy in 2018. Wow!
South Korea plans to install 18GW of offshore capacity by 2030, Japan 10GW and Taiwan 5.5GW. To date, Asian economies have a cumulative 100GW of offshore wind capacity in the pipeline for 2030.
As Asia continue to hunt for alternative energy it will be exciting to see how much is invested into renewables all across the continent. With Asia being rich in renewable energy potential from strong sunlight, wind in the middle latitudes, wave and tidal power to considerable geothermal resources, there is a huge amount of opportunity there.
10 | MANE ENERGY | AUGUST 2019