Analysis of the market for renewable energy sources in the Asia-Pacific region

Abstract

One of the most promising areas for future infrastructure investment is in the modification of the world's energy mix. Rising renewable energy penetration in the world's electrical supply and energy markets is a topic of intense attention for those concerned with environmental sustainability. Given that the Asia-Pacific region is home to more than half of the world's population and accounts for more than 60 percent of global energy consumption, as well as having strong economic-growth prospects, the world's fastest rising regional energy demand, and vast potential owing to the low market saturation of renewables, accelerating the deployment of renewable energy is of critical importance in the Asia-Pacific region. More than half of the world's emissions come from Asia and the Pacific, making this region a major contributor to climate change. There are many obvious benefits, but the market is still not very well explored. This is because numerous significant problems still exist in the region, including a lack of funding, concerns about system reliability and the changing role of utilities, emissions of greenhouse gases, and the effects of climate change. New possibilities, especially for solar energy, have emerged as a result of the declining cost of renewable energy and associated technological breakthroughs. There are many obstacles to overcome on the way to this goal because of the dynamic character of economies in the Asia-Pacific region. The renewables market in the Asia-Pacific region might use some improvements, such as a more robust regulatory framework and a more alluring return on investment. This study primarily reflected the current status about renewable energy and highlighted the challenges and opportunities facing the renewable market in the Asia-Pacific region in an effort to solve these concerns. The study also offered policy implications to help deal with or lessen the effects of these obstacles in the quest to expand the renewable energy market. This study will help countries, businesses, and investors in the Asia-Pacific region to adopt policies for investment in renewable energy sector as they work towards zero-carbon targets.