Tax and economic incentives for renewable energy and alternative fuel projects were once seen as key to attracting private investors to a country’s green energy plans. Increasingly, these subsidies – which can be revoked by governments as quickly as they were granted – are seen as risky and unpredictable if not rolled out carefully.
Asia and the Pacific must seek to achieve 24/7 electricity supply with good quality and sufficient quantity to maximize economic and human development benefits.
Renewable energy, innovation, and investment in new technologies will help Kazakhstan decarbonize its economy without sacrificing the wellbeing of its people.
Hydrogen has the potential to be the next breakthrough energy source but key challenges need to be overcome before it can be scaled up to widespread use. Developing countries could be at the forefront of this new “hydrogen economy”
With expanding regional cooperation and a readily available platform, the building blocks are in place for Central Asia to achieve energy security, resilience and economic competitiveness.
Investment in renewable energy around the world is entering a new phase that will require governments and the private sector to re-think the way they develop projects.
Turkmenistan is working on an innovative program introduce solar power generated steam in a gas fired power station and allow the turbine to use both solar and gas-powered steam based on availability to generate electricity.
As countries in Asia and the Pacific make the transition to renewable energy in a post COVID-19 world, they should strive to ensure clean energy is available to everyone, everywhere and around the clock.
The pandemic reinforces the need for reliable energy services to support healthcare. Clean, renewable power is a good place to start.
With key reforms, Pacific states could move toward cleaner, more affordable sources of energy that eventually eliminate fossil fuels completely.