While investments into renewable energy do in fact appear advantageous, many elements make renewable energy generation somewhat problematic for the region. Firstly, it is costly to develop and maintain renewable energy infrastructure. Furthermore, many countries across the region simply do not have the facilities and land which the renewable energy grid infrastructure requires. However, despite the costs and the maintenance, the majority of Asia Pacific countries do have some form of a renewable energy system in place. Additionally, citizens across the Asia Pacific region believed their country had a good solar energy infrastructure and many also deemed their wind energy infrastructure to be good.
Given the Asia Pacific region’s dominance in the renewable energy industry, it is not surprising that the region is home to some of the global leaders in the renewable energy sector. The likes of China and India have all created dedicated projects aimed at sourcing renewable energies. However, while it is fair to determine that these countries lead the Asia Pacific market, other countries in the region have also begun to delve into renewable energy generation. Southeast Asian governments, particularly in Indonesia and Malaysia, are expected to increase their renewable energy development budgets in the coming years.
As hydropower is the cheapest renewable energy resource to produce, many countries have already established a hydropower infrastructure. Interestingly, China generated the highest volume of hydroelectric power worldwide in 2019. Other popular forms of renewable energy resources that have been developed throughout the region include solar and wind energy. Australia and India were also leading countries globally in terms of installed wind power capacity.
While the renewable energy sector experienced significant growth throughout the Asia Pacific region, fossil fuels are, nonetheless, the most consumed energy source in the region. Subsequently, renewable energy consumption was dramatically behind fossil fuel consumption across the region. Nevertheless, the Asia Pacific region does appear to be on the right path to renewable energy generation, which is important if the region is to continue to maintain social and economic development in the years to come.