China, Indonesia, Malaysia, the Philippines, Thailand and Vietnam can meet a significant proportion of East Asia’s power needs by 2030 through renewable energy sources such as hydro, wind, biomass, geothermal and solar power, a World Bank report stressed.
The region can both address its energy consumption and stabilize its greenhouse gas emissions by 2025 by using clean energy, according to the “Winds of Change: East Asia’s Sustainable Energy Future.” This, however, would require a net additional investment of USD80 billion each year, the report added.
“What is required is a paradigm shift to a new low-carbon development model with sustainable lifestyles,” World Bank Vice President for the East Asia and Pacific Region Jim Adams said. “Countries need to act now to transform the energy sector towards much higher energy efficiency and widespread deployment of low-carbon technologies. While many countries are already taking steps in this direction, accelerating the speed and scaling up efforts are needed to reach a sustainable energy path.”