Wind and solar power are at the core of this Asian green surge. More than half of the global capacity added last year was in Asia; with China, India and Vietnam leading the charge.
In the corridors of global power, a narrative often unfolds that paints the West as the torchbearers of renewable energy (RE). But, a closer look reveals a different protagonist in this epochal shift towards sustainability: Asia. The region, often underestimated in its environmental commitments, now stands at the forefront of the world’s clean energy transition.
RELEVANT SUSTAINABLE GOALS
Asia driving the world’s clean energy transition
According to the International Renewable Energy Agency (IRENA), Asia boasts nearly half the globe’s renewable capacity, with a staggering 1,630 gigawatts (GW). This figure not only doubles that of the United States but also triples the capacity of Europe. The growth trajectory is equally impressive: a 12% increase last year alone, eclipsing the progress of its Western counterparts and echoing the commitment of Asian nations to a greener future.
In terms of investment, Asia is the epicenter, drawing in a lion’s share of global funding for renewables – over half a billion dollars last year. Forecasts by Wood McKenzie suggest this is just the beginning, with projections of doubling by 2030.
At the heart of this revolution are China and India, with ambitious national targets. China envisions renewables powering a third of its electricity by 2028. India aims even higher, seeking to meet half its energy needs with renewables by 2030. Not far behind, Vietnam and Japan have set their sights on generating around 30%-39% and 38%-38% of their power from renewables, respectively, by the end of this decade.
Wind and solar power are at the core of this Asian green surge. More than half of the global capacity added last year was in Asia, with China leading the charge. The region’s combined wind and solar capacity has quadrupled since the Paris Agreement in 2015, with an annual increase of 35%, surpassing both Europe and the US.
China’s Domination
China’s pace in rolling out renewable energy is nothing short of meteoric. From 2000 to 2022, the country consistently doubled its solar capacity every two-and-a-half years and its wind capacity every one-and-a-half years. Today, it accounts for almost 40% of the global capacity. Its investment in renewable energy skyrocketed to $275 billion, and the country now dominates the clean technology market.
But the story doesn’t end with renewable production. China is also leading the way in electrified transport, with an investment surge to $234 billion between 2017 and 2022. The country has become the largest market for electric vehicles (EVs), accounting for 58% of global sales last year. It’s set to become the world’s biggest car exporter, bolstered by the demand for electric cars.
India’s Renewable Revolution
India, too, is making significant strides in this arena. From 2000 to 2022, it saw its wind capacity grow by 22% annually and solar capacity by 18% yearly. With ambitious plans to add another 500 GW by 2030, India is rapidly becoming a leader in both renewable energy and electric vehicles.
But the story doesn’t end with renewable production. China is also leading the way in electrified transport, with an investment surge to $234 billion between 2017 and 2022. The country has become the largest market for electric vehicles (EVs), accounting for 58% of global sales last year. It’s set to become the world’s biggest car exporter, bolstered by the demand for electric cars.
Vietnam Transforming
Vietnam’s transformation in the renewable sector is nothing short of extraordinary. From a mere 0.1 GW in 2018, solar capacity in Vietnam rocketed to 18.5 GW by 2022. Similarly, wind capacity has surged to 4 GW. These advancements have dramatically reduced the country’s reliance on fossil fuels.
As COP28 unfolds in Dubai, drawing global focus to climate commitments, Asia’s burgeoning renewable energy revolution emerges as a beacon of hope. This narrative transcends environmental duty, showcasing economic insight and innovation. As Asia spearheads this movement, it redefines the global energy landscape, demonstrating that the future of renewables is a universal tale, far beyond the confines of the Western world.
Lead image courtesy of Chuyu from Getty Images Pro
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