Energy Asia
Monday, May 23, 2022
  • Home
  • News
  • Oil & Gas
    • Petroleum
    • Natural Gas
  • Renewables
    • Solar
    • Wind
    • Hydropower
    • Wave and Tidal
    • Biofuels
  • Sustainability
    • Energy Efficiency
    • Energy Storage
    • Alternative Fuels
    • Fossil Fuel Transition
  • Energy Usage
    • Power Generation
    • Transportation
    • Energy Procurement
    • Energy Subsidies
  • Multimedia
    • Videos
    • Podcasts
  • Events
  • PR Newswire
  • Contact
No Result
View All Result
Energy Asia
  • Home
  • News
  • Oil & Gas
    • Petroleum
    • Natural Gas
  • Renewables
    • Solar
    • Wind
    • Hydropower
    • Wave and Tidal
    • Biofuels
  • Sustainability
    • Energy Efficiency
    • Energy Storage
    • Alternative Fuels
    • Fossil Fuel Transition
  • Energy Usage
    • Power Generation
    • Transportation
    • Energy Procurement
    • Energy Subsidies
  • Multimedia
    • Videos
    • Podcasts
  • Events
  • PR Newswire
  • Contact
No Result
View All Result
Energy Asia
No Result
View All Result
Home Sustainability Energy Efficiency

Asia’s Emissions-Reduction Plan for the Universal Benefits

by Dafizeck Daud
January 20, 2022
in Energy Efficiency, Energy Usage, Features, Renewables, Sustainability
Asia’s Emissions-Reduction Plan for the Universal Benefits
Share on FacebookShare on Twitter

By Masatsugu Asakawa, Sri Mulyani Indrawati and Carlos Dominguez

World leaders came together in Glasgow last November to map out a path to mitigate the worst effects of climate change. But while the United Nations Climate Change Conference (COP26) was undoubtedly a historic moment, most countries are just beginning their work to meet new goals to reduce carbon-dioxide emissions.

That is why the announcement by the Asian Development Bank (ADB) and the Indonesian and Philippine governments at COP26 stood out. In launching our partnership for a pilot Energy Transition Mechanism (ETM), we were not making a vague commitment to achieve a distant goal. Instead, we jointly formulated a concrete plan for an equitable, scalable, affordable, and just energy initiative to help Asian countries retire or repurpose half of their coal-fired power plants and increase their reliance on clean energy. The ETM is a transformative climate scheme that has the potential to become the world’s largest CO2 reduction program.

The ETM will take a financial approach to retiring or repurposing coal-fired power plants ahead of schedule, while scaling up investments in clean energy. This dual strategy will benefit communities, investors, regional economies, and the environment.

Although clean-energy costs are declining rapidly in many countries, many coal-fired electricity plants operate under secure, long-term purchase agreements. And in Asia, those facilities are younger: the region is home to 90% of all coal-fired power plants under 20 years old. Without a policy intervention, those plants are unlikely to be retired in the near term. Every year they remain active will result in more CO2 emissions and crowd out demand for clean, renewable energy.

The ETM will use a blend of public, private, and philanthropic funds to tilt the market in the right direction – retiring coal early and creating demand for more clean energy. We estimate that this model, if scaled up in just three Southeast Asian countries – Indonesia, the Philippines, and Vietnam – could retire up to 50% of their coal-fired power plants over the next ten to 15 years. That would reduce annual CO2 emissions by an estimated 200 million tons, the equivalent of taking 61 million passenger vehicles off the road

The ETM’s approach is unique and unprecedented in the Asia-Pacific region. The scheme leverages a convening authority – in this case, the ADB – to bring together private investors, governments, and civil-society representatives and sustain a mutually beneficial partnership based on transparency and trust.

Because the initiative is regionally led, it must work for local people and economies – and that means ensuring that electricity remains affordable. By catalyzing outside investments, the ETM will scale up clean-energy projects without requiring new government subsidies. This means it will add to the efforts that governments like ours are already undertaking, thereby helping to accelerate the region’s clean-energy transition.

For example, the Philippines previously announced a moratorium on new coal-fired power plants, and Indonesia is aiming to phase out such facilities as it seeks to become carbon neutral by 2060. And while there have been many calls for market-based mechanisms to address transitions to cleaner energy production, most have been impractical, often failing to account properly for equity and the interests of the communities involved. The ETM will solve that problem.

By significantly shortening the life of coal-fired power plants, the ETM will unlock new investments for sustainable and renewable energy. That would make Indonesia and the Philippines even more attractive destinations for clean, twenty-first-century power projects and give communities the energy security they need.

Ultimately, the battle against climate change will be won or lost in the Asia-Pacific region. We are confident that the ETM model will not only help to solve the region’s own challenges but also can be scaled and exported around the world, empowering developing countries to undertake the transition from fossil fuels to renewable energy without sacrificing other development objectives.

Our region’s growing population and economies make it indispensable to the global climate response. Through the ETM, we aim to show how countries can concurrently increase clean energy investments and reduce emissions. Only by working together will we reach our net-zero destination in Southeast Asia – and elsewhere – faster and more fairly.

Tags: Climate ChangeCOP26energyoil and gasrenewable
Plugin Install : Widget Tab Post needs JNews - View Counter to be installed
  • Trending
  • Comments
  • Latest
Here’s How Wave Power Could Be Energy’s Next Big Leap

Here’s How Wave Power Could Be Energy’s Next Big Leap

April 20, 2021
The World’s Most Attractive Renewable Energy Market

The World’s Most Attractive Renewable Energy Market

May 31, 2021
Gogoro Battery Swapping Revolution in Taiwan – How It Happened

Gogoro Battery Swapping Revolution in Taiwan – How It Happened

August 23, 2021
Solar Energy

Solar Energy – Why Aren’t We Using A Lot More?

August 2, 2021
Tepco Seeks US$18 Billion Green Power Push

Tepco Seeks US$18 Billion Green Power Push

Saudi Arabia Lost the 2020 Oil Price War

Saudi Arabia Lost the 2020 Oil Price War

Electric Cars Are a Bright Spot Amid an Industry Hammered by COVID-19

Electric Cars Are a Bright Spot Amid an Industry Hammered by COVID-19

COVID-19 is Causing the Biggest Fall in Global Energy Investment

COVID-19 is Causing the Biggest Fall in Global Energy Investment

First Hydrogen To Commence Operational Vehicle Testing

First Hydrogen Extends Strategic Relationship With Germany’s FEV Group

May 23, 2022
Shell, Sino Group and Halo Energy Establish Fastest EV station in Hong Kong

Shell, Sino Group and Halo Energy Establish Fastest EV station in Hong Kong

May 23, 2022

Tulip Partners with Stanley Black & Decker on Global Operations Platform

May 22, 2022
<div>Unilumin Attended ISE and Received Clients' Praise</div>

Unilumin Attended ISE and Received Clients’ Praise

May 22, 2022

Energy Asia brings you the latest news, analysis and insights for the energy sector. From oil and gas and geopolitics, to renewables and environmental issues, we cover energy-related news in Asia and beyond.

Categories

  • Alternative Fuels
  • Biofuels
  • Climate Change
  • Energy Efficiency
  • Energy Procurement
  • energy risks
  • Energy Storage
  • Energy Subsidies
  • Energy Usage
  • Features
  • Fossil Fuel Transition
  • Geothermal
  • Hydrogen
  • Hydropower
  • Natural Gas
  • net zero emissions
  • News
  • Nuclear Power
  • Oil & Gas
  • Petrochemicals
  • Petroleum
  • Power Generation
  • prnewswire-feeds
  • Renewables
  • Solar
  • Sustainability
  • Transportation
  • Uncategorized
  • Wave and Tidal
  • Wind

Newsletter

Subscribe to our mailing list to receives daily updates direct to your inbox!

© 2022 Business Media International. All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Oil & Gas
    • Petroleum
    • Natural Gas
  • Renewables
    • Solar
    • Wind
    • Hydropower
    • Wave and Tidal
    • Biofuels
  • Sustainability
    • Energy Efficiency
    • Energy Storage
    • Alternative Fuels
    • Fossil Fuel Transition
  • Energy Usage
    • Power Generation
    • Transportation
    • Energy Procurement
    • Energy Subsidies
  • Multimedia
    • Videos
    • Podcasts
  • Events
  • Contact

© 2022 Business Media International. All Rights Reserved.