Consuming around 13.3 exajoules of renewable energy in 2022, China appeared to head the Asia-Pacific renewable energy market. Sri Lanka and Singapore were among the countries that consumed the least renewable energy, both consuming 0.02 exajoules, while Bangladesh consumed 0.01 exajoules of renewable energy in 2022.
China, India and Japan are some of the Asia-Pacific countries which dominate the renewable energy market, likely due to increasing investments made into the development of renewable energy. Moreover, Australia has focused particularly on the development of solar and wind sources of renewable energy. China has made significant investments into renewable energy infrastructure and development while India had the highest renewable energy attractiveness score throughout the Asia Pacific region in 2018. The likes of Cambodia and Taiwan, however, experienced significant growth of investments into renewable energy capacity in 2019.
The need for renewables
Throughout recent years, Asia-Pacific’s reliance on fossil fuels and non-renewable energy sources has been brought into question. With over half of the world’s population residing in the Asia-Pacific region, energy demand across the region was forecast to increase dramatically. Therefore, the region may need to expand its renewable energy market if it is to sustain the energy demand while maintaining its social and economic development.