World Bank : Asia Leads in The Renewable Energy Growth

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Asian countries accounted for about 60 percent of the global progress on energy access and clean energy goals during 2010-2012 – contributing well beyond their share of global population and energy consumption. This is the finding of a new World Bank report, Progress Toward Sustainable Energy: Global Tracking Framework 2015.

The report has been produced jointly by the World Bank’s Energy and Extractives Global Practice, the World Bank’s Energy Sector Management Assistance Program (ESMAP), and the International Energy Agency (IEA), and is supported by 20 other partner organizations and agencies.

The report reveals that Asia’s performance on expanding modern renewable energy from sources such as solar, wind and geothermal has been particularly strong. As compared to four percent growth in consumption of modern renewable energy globally during 2010-2012, the growth in Asia was nearly twice as fast, at close to eight percent.

Similarly, the rate of expansion of access to electricity to the citizens was 0.9 percent per annum for Asia, well ahead of the global rate of 0.6 percent during the tracking period 2010-2012. However, Asia’s progress on reducing the energy intensity of its economies with a CAGR of 1.3 percent annuallylagged behind the global average of 1.7 percent.

The report finds that India, Philippines and Bangladesh were the strongest performers on electricity access and added around four percentage points to electricity access rates.Vietnam and Indonesia were particularly strong on access to clean, modern cooking fuels, and added around three to four percentage points to their access rates.

Indonesia and Japan showed an impressive performance in terms of reducing their energy intensity by a CAGR of about five percent. China and Australia increased their renewable energy shares by about one percentage point each. The report found that 222 million people globally got access to electricity between 2010 and 2012, still leaving 1.1 billion people without access to energy.

Anita Marangoly George, Senior Director of the World Bank’s Energy and Extractives Global Practice, said that the world is headed in the right direction to end energy poverty, but the finish line is still far off. Greater efforts are required, particularly to mobilize much larger investments in renewable energy and energy efficiency. Leveraging public finance to mobilize private capital is imperative to achieving these goals.

Source: Green Energy Investing

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