Regional and global business leaders, policy makers and government representatives throughout the energy sector that convened at the Asia Pacific Energy Week to discuss regional challenges and opportunities, identified seven key trends for a sustainable energy future..
Themed ‘Shaping the Energy of Tomorrow’, the two-day virtual event held from March 9 to 10, 2021 saw more than 2,500 participants actively engage in the discussions, opinion polls and questions.
The primary objective focused on fostering an ecosystem of collaboration and co-creation between stakeholders to help meet the world’s sustainability goals, boost economic growth, create new jobs and industries, improve human welfare and attain carbon neutrality by 2050.
Over the two days, the thought leaders in diverse panel sessions deliberated and arrived at seven key trends for a successful transition towards a sustainable energy future.
- Access to reliable, affordable and sustainable energy supply is a necessity for economic growth
- Ramp up the contribution of renewable energy for long-term sustainability
- Utilize technology for efficient and cleaner use of energy
- Embrace emerging and cleaner energy resources like Green Hydrogen
- Digitalization and AI-driven technologies will form the core of a future-proof and efficient transmission system
- Access to sustainable, competitive capital will accelerate the energy transformation journey
- Collaboration among stakeholders is imperative for the transformation of the energy landscape
Increasing urbanization
“As the world’s fastest growing economic region today, Asia Pacific is witnessing increasing urbanization, rising population and monumental energy needs. With Asia Pacific accounting for more than half of global energy consumption, and with 10 per cent of the population still lacking access to basic electricity, the question is how to bridge into an affordable, reliable and sustainable power supply, while improving energy access,” said Christian Bruch, President and CEO, Siemens Energy.
Ramping up renewables
With prices of renewables declining and with grid stabilization technology advancing, ramping up the contribution of renewable sources makes economic sense and will also drive long-term sustainability for the region. Governments can contribute with policies and regulations driving this change, and the industry could translate emerging business strategies into practical business models, develop reliable projects and drive technological innovations. To accelerate the energy transition, all stakeholders must join forces and work towards the transformation.
Vital insights by audience
Audience engagement also revealed some vital insights on energy transition:
•more than 45 per cent of the participants indicated that cost was a major hurdle followed by willingness for energy transition at nearly 25 per cent
•over 66 per cent identified renewable integration as the most impactful decarbonization element
•48 per cent voted that a breakthrough in energy storage will accelerate energy transition
•75 per cent of participants would be willing to pay a premium for CO2 free energy, and
•Policy and regulation will be a key motivator.
Collaborative effort
The event was organized in collaboration with the German Chambers of Commerce Abroad (AHK); the Asia-Pacific Hydrogen Association; the Global Manufacturing and Industrialization Summit (GMIS); Masdar – a global leader in renewable energy and sustainable urban development which is wholly-owned by the Abu Dhabi government’s Mubadala Investment Company, and Siemens Gamesa.