Petronas, which has yet to make a firm carbon-neutral pledge, sees significant growth ahead for solar and wind, particularly as a hedge against volatile fossil fuel prices, Jay Mariyappan, head of the state-backed Malaysian company’s new energy business told the APAC power and renewables summit.
Southeast Asia is emerging as a hotspot for global solar investment with over $10 billion invested just last year. In 2020, the region represented 12% of the global solar market and installed capacity has more than doubled every year since 2018, Rishab Shrestha, analyst at Wood Mackenzie told the APAC power and renewables summit today.
South Asia, which includes India, Pakistan, Sri Lanka, and Bangladesh, is slowly following the rest of the world in the transition towards cleaner energy systems. The subtle shift opens potentially large market opportunities for energy service suppliers.
Investments in Asia Pacific wind and solar power could double to $1.3 trillion over the current decade to 2030 compared with the period 2011-20, predicts Wood Mackenzie. However, in most Asian markets, subsidy-free renewable power will not be able to compete with coal power until 2025 or later, cautioned the energy research company.
Thailand's state-owned oil and gas group, PTT, will invest 20 billion baht ($635 million) in renewable energy in India, China and elsewhere in Asia, as it takes steps to shift from fossil fuels to cleaner energy sources.
Fitch Solutions believes that the Myanmar military government’s solar project push, the first attempt at stimulating foreign investment since the coup, will not succeed and will do little to turn the gloomy economic situation around.
Australia’s Woodside has set new interim and long-term targets to hit net zero greenhouse gas emissions by 2050 at its Pluto liquefied natural gas (LNG) export project.
Chevron announced today that Chevron Technology Ventures has participated in a capital raising round for Melbourne-based solar technology developer RayGen Resources.
South Korea will launch its largest-ever solar photovoltaic (PV) tender in July when it will offer 2 GW of capacity. An extra 2GW could also be offered later this year.
Malaysian national oil company (NOC) Petronas reported that profit after tax more than doubled year-on-year to MYR 9.3 billion ($2.26 billion) for the first quarter of 2021 on the back of recovering commodities prices and lower costs.
Australia’s Woodside is exploring the supply of 50 MW of solar energy to its Pluto liquefied natural gas (LNG) export facility on Western Australia’s Burrup Peninsular as part of its effort to reach net zero emissions.
China oil giant Sinopec has started operating its first petrol station where solar panels can fully meet its power needs, as the company pushes ahead in its quest to become a renewable powerhouse.
A landmark International Energy Agency (IEA) roadmap says no new oil and gas fields should be developed – beyond those already sanctioned -- if the global energy sector is to achieve net-zero emissions by mid-century.
Renewables now make up 37% of all power generation projects under construction in Asia, representing a 4% increase in share from the previous quarter, according to the latest IHS Markit Renewable Additions Index (RAI) for Asia Pacific. Although coal power projects remain strong despite climate pressure.
By Daniel Grosvenor, UK renewables leader, Deloitte
As governments and corporates set ambitious targets to decarbonise, investment in low-carbon technology is becoming increasingly attractive as a core investment strategy. “Low carbon” comprises technologies that enable the energy transition.
Singapore’s Energy Market Authority (EMA) has awarded ExxonMobil and Sembcorp Fuels the right to import liquefied natural gas (LNG) as pipeline supplies dwindle.
Abu Dhabi-based Masdar and Malaysia’s Petronas will work together to pursue renewable energy and green hydrogen projects across Asia and the Middle East.
Work carried out by Aberdeen-based global consulting and engineering company Wood will help turn the hot desert sun of Oman into renewable energy for a ferrochrome production plant.