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The Silicon Review Asia

Asia pacific energy demand in the region is expected to grow 15% from 2019

Asia pacific energy demand in the region is expected to grow 15% from 2019

According to the recent research conducted by Wood Mackenzie, the energy demand in the Asia Pacific region is expected to grow 15% from 2019 to 6,800 million tons of oil equivalent in 2040. The report also suggests that Asia Pacific’s decarbonization bill could hit $3.5 trillion by 2040. This will have to include investments in nuclear, Hydel power, solar, wind & hydrogen, collectively referred to as zero-carbon energy between now and 2040.

Head of markets and transitions in the Asia Pacific at Wood Mackenzie, Prakash Sharma said in a statement: “In our base case, we forecast the share of zero-carbon energy increasing from 8% in 2018 to 17% in 2040. In our accelerated transition scenario case for the Asia Pacific, we forecast the share of zero-carbon energy reaching 35% by 2040 with green hydrogen capturing up to 3% in the mix. In the mobility sector, the share of electric vehicles increases by up to 65% of new sales by 2040 in the scenario case compared to an average of 25% in the base case.”

“Green hydrogen is a clean energy carrier and can decarbonize ‘difficult sectors’ such as steel, cement, chemicals, heating, and heavy-duty trucking. It can also tackle the intermittency of renewables by diverting excess supply during the day to produce hydrogen that can be stored for use in the evening when demand is high,” stated the board of Oil and Energy of Asian Pacific region.

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