More work to be done in 2021
According to the International Energy Agency (IEA), renewables are set to account for 95% of the net increase in global power capacity through 2025. Despite the massive impact of the COVID-19 pandemic on all sectors, and nonetheless, on Renewables, Renewable Energy (RE) is foreseen to soar in the year 2021. Globally, RE companies have outperformed fossil fuel majors in 2020 and are expected to have an increase in their funding, committing to net-zero by 2050. The designated increment in the funds is set to reduce carbon emissions. “Solar and wind power are set to overtake coal as the largest producer of global electricity by 2025”, IEA said in a report.
Nationally determined contributions (NDCs) might not be ambitious enough for countries. 'Some markets are not benefitting as much as they could from this energy revolution, due to outdated regulation, and high costs' as stated by Sam Kimmis, Head of RE100, The Climate Group. According to a Forbes article, specific markets were mentioned in the survey for having the most challenges in attaining clean energy goals. In which, Singapore is faced with limited renewables availability due to space constraints, and Indonesia is challenged with finite alternatives to purchasing renewables.
It is still an uncommon practice across the whole Southeast Asia region, but some countries are addressing the situation with incentives to adopt eco-friendly solutions or to invest in disruptive technologies on an industrial or consumer level. The increase in corporate demand for zero-carbon energy is driving governments to help companies ease into signing Power Purchase Agreements (PPA). This is largely fuelled by the shareholder and consumer activism, the opportunity to hedge power costs, and corporate renewable targets. Capital costs fall because of the collapse in technology costs such as wind and solar. As costs decrease and demands rise, growth in solar PV and wind deployments then creates a linear pattern from this increase, contributing to foster a decarbonized economy.
'Going green' should not have to cost more. The long-term investment is supposed to steer according to and incrementally toward environmental improvements. With the inclining rate of adoption, sustainability stakeholders can use this momentum to scale up existing or potential corporate energy transition initiatives. Rather than 'holding on to hope', substantial concerns from every party should step up to put their visions and propose in their actions, lead their communities, and eventually put the world on the trajectory in this reform for sustainable growth.
There is no reason to stay inert amid this climate evolution and no better time to advance your sustainability agendas. LYS Energy Group seeks collective efforts from like-minded peers to steer Southeast Asia toward a sustainable future. The Group continues to support companies to provide support to corporations in their pursuit of the energy transition. Find out more here.
The Group is entrenched to help companies on their energy transition journey while applying carbon emission reduction strategies into business activities. The company provides Asia’s trusted Renewable Energy platform offering hassle-free end-to-end clean energy solutions for businesses. Consult us for your clean energy initiatives and stay ahead of your industry. Establish a decarbonized economy and forge a safe environment that everyone can also be a part of. Write to our experts at email@example.com.