The 2nd annual Asia Pacific Energy Week, organized by Siemens Energy and themed “Making the Energy of Tomorrow Possible,” brought together regional and global business leaders, policymakers, and government representatives from the energy sector to discuss regional challenges and opportunities for the energy transition.
The Asia Pacific Energy Transition Readiness Index, developed by Siemens Energy in partnership with Roland Berger, a knowledge partner in the Asia Pacific Energy Week, is one of the most significant outcomes of the event.
More than 2,000 people actively participated in the event’s debates, polls, and questions. They were polled on the importance of 11 pre-determined main energy priorities, as well as the status of the energy transition. The study generated useful data and insights that will be used to improve essential energy transition efforts in the Asia Pacific area.
An important result is that there is a significant difference between perception and reality when it comes to carbon emissions. Regional carbon emissions increased by almost 50% between 2005 and 2020, but participants thought they had decreased by almost a third. Participants also predicted that emissions in 2030 would be 39% lower than in 2005. According to further examination of the survey data, the Asia Pacific region received a score of 25% on the Readiness.
Index, which might reflect how far along a region’s energy transition path it is.
While participants agreed unanimously that each of the energy priorities has an important role in the region, the accelerated expansion of renewables and the decarbonization of industry were considered the most critical factors.
Christian Bruch, President and CEO of Siemens Energy AG, commented on the Index:
While we have seen successful decarbonization in a number of areas, strong economic growth is counteracting this progress, resulting in a net increase in overall emissions. With the Asia Pacific region responsible for more than half of the world’s CO2 emissions, global climate efforts must clearly involve Asia Pacific more in the future. Maintaining economic growth and prosperity while simultaneously reducing emissions in the medium and long term needs to be the top priority for the region.
While all of the energy priorities are significant in the region, the accelerated expansion of renewables and the decarbonization of industry are the most critical elements, according to the participants.
When asked how they felt about the progress made on these energy objectives, several participants said that there was still a lot of work to be done, with many of the priorities still in the planning stages. The biggest development was recorded in the power generating sector, with more than 80% of participants reporting that renewable energy is at least in the planning stage, with roughly a third already in operation. Almost two-thirds of respondents said coal exit schemes had made similar progress.
When asked what has to be done to address these energy objectives, practically everyone agrees that policy is the most important aspect. Funding was also identified as a significant requirement for the majority of the goals.
Post time: Aug-22-2022