There is a growth in Asia’s sustainable energy sector, and China is the prime  state for such a consequence. More than 130 countries have planned to focus on the net-zero goal, while one in five global companies has committed to doing the same.

Fermont, CA: The energy sector’s major participants, such as transport and power generators, had contributed more than two-thirds of global emissions in 2019. But 85 per cent of the primary energy supply of the world still comes from fossil fuels such as coal, oil, and natural gas.

Asia’s Sustainable Power Comes at the Forefront

In recent years, technological developments and government policies have decisively influenced Asia’s energy sector sustainability. Local governments are working towards carbon neutrality, with more than 80 per cent of the global economy, which is now covered by net-zero commitments. More than 130 countries have committed or are considering focusing more on the net-zero targets, while 1/ 5 global Fortune 2000 companies are also committed to doing the same. Simultaneously, customers are paying serious attention to the environmental credentials of the brands they prefer. Several energy-related industries are specifically affected by these changes:

- There are regional differences in power generation, but global coal consumption has peaked over the past decade. Renewable energy sources or RE will only grow and are anticipated to account for half of the total power generation by 2035.

- In the case of shipping, international law will mandate the lessening of sulphur emissions. It has shifted marine gasoline intake from high- to low-sulphur gasoline oil. Pressure to decarbonise has additionally advocated the improvement of alternative fuels together with liquefied herbal gas (LNG), hydrogen, and ammonia.

- In the case of road transport, peak oil demand is expected to occur within the next ten years, associated with a significant shift from internal combustion engines or ICEs to hybrids and electric vehicles or EVs.

China Leading the Energy Growth in Asia

Electric Vehicle or EV production is inflating in Asia. The industry has grown almost tenfold between 2010 to 2019, with investment doubling between 2019 and 2020 alone. This activity is concentrated in China, where more than 90% of the investment comes from original equipment and component manufacturers. China has achieved this leading role through regulations and incentives: financial support such as subsidies and tax exemptions and other incentives such as licence plates and priority parking.