Enigin Update - East Asia - "Winds of Change: East Asia's Sustainable Energy Future"
EAST Asia can stabilize its greenhouse gas emissions by 2025 without sacrificing growth, a new World Bank report says.
But, the report warns, the region would need an additional investment of $80 billion a year, a figure it refers to as a "major hurdle", to reach a sustainable energy growth path.
The report, "Winds of Change: East Asia's Sustainable Energy Future," states that major investments in energy efficiency and a switch to renewable power would also boost energy security and improve the local environment. The report covers China, Indonesia, Malaysia, the Philippines, Thailand and Vietnam.
"What is required is a paradigm shift to a new low-carbon development model with sustainable lifestyles," said Jim Adams, World Bank vice president for the East Asia and Pacific Region in a statement.
"Countries need to act now to transform the energy sector toward much higher energy efficiency and widespread deployment of low-carbon technologies," Adams said.
Energy consumption in the region has tripled in the last three decades because of a tenfold rise in gross domestic product. By 2030, energy consumption is expected to double yet again as the urban population increases by 50 percent and industrialization continues.
The report calls for governments of the six countries to act immediately to transform their energy sectors into higher efficiency, with more extensive use of clean energy "before it's too late."
"The window of opportunity is closing fast as delaying action would lock the region into long-lasting, high-carbon infrastructure," warns the report.
The report calls for support from the international community, saying that "substantial" concessional financing is needed to cover extra costs and risks of energy efficiency and renewable energy.
"Developing countries cannot do it alone," the report said.
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