New technology is rapidly changing our lives, and Tesla’s new Powerwall battery could very well become Neil Armstrong's one giant leap for mankind in electricity storage. Here are 10 megatrends that may shape the electricity industry in the next few years.
New technologies such as lithium-ion batteries, LED lights and rooftop solar power are changing the way electricity is generated and supplied. We also need less electricity; with energy-efficient lighting and appliances, our electricity needs are reducing every year.
With ADB support, the Philippines became in 2010 the first Asian country to phase out inefficient incandescent light bulbs. Most countries in the region followed suit, and now these bulbs are barely used because the market won’t buy them anymore.
In this ever-changing development environment, multilateral development banks like ADB may not survive unless we innovate and take risks, much like actually reading a classic novel instead of just bragging about it.
Tackling climate change through becoming more energy-efficient can start in our homes by replacing halogen bulbs with energy-saving LEDs.
To address today’s development challenges, we need courage and innovation from young, inexperienced experts.
We need to start adopting the electric car en masse at the bottom of the income pyramid in the region if we want to achieve real transformation in the clean energy sector.
Those that still question the need for technology leapfrogging in development need to know if we continue to use camel-era technology on the highway, we may get hit by fast cars that have embraced innovation.
ADB recently approved new funding to demonstrate the technical and financial viability of this new technology combination in the CAREC region.
The answer is yes – off-grid is the future, and the only way to bring electricity to all by 2020.
