The Asia-Pacific region is on the cusp of a clean energy revolution, and policy reforms could be the spark that ignites it. A new report by the Global Renewables Alliance (GRA) suggests that unlocking round-the-clock access to clean energy for businesses is within reach, but it will require bold action from governments and corporations alike.
The report zeroes in on five critical markets: South Korea, India, Japan, Thailand, and Vietnam. These countries are not just economic powerhouses but also key players in the global energy landscape. Their success, security, and sustainability hinge on access to clean, reliable, and cost-effective energy. Bruce Douglas, chief executive of the GRA, doesn’t mince words: “The APAC region is the engine of global growth, but its success, security and sustainability depends on access to clean, reliable, and cost-effective energy.”
The GRA report outlines three priority areas for action: policy and market reform, grid modernisation and storage, and corporate leadership. The first step is clear: governments need to introduce time-stamped renewable energy certificates. This move would allow businesses to track their energy consumption and generation hour by hour, ensuring that their operations are truly carbon-free.
But it’s not just about certificates. Governments must also upgrade infrastructure and improve data transparency. This isn’t just about building more solar panels or wind turbines; it’s about creating a smart, responsive grid that can handle the ebb and flow of renewable energy. It’s about giving businesses the data they need to make informed decisions about their energy use.
Ali Izadi, head of Asia Pacific at BloombergNEF, echoes this sentiment. “The first step for regulators across Asia Pacific is to improve electricity data transparency and access, which will enable hourly renewable energy certificates,” he says. But he doesn’t stop there. He also calls for power market designs that support a wide range of cost-effective, high-impact carbon-free energy (CFE) procurement options.
The GRA report also highlights the role of corporate leadership. Companies have the power to drive demand for clean energy, and they’re increasingly doing so. By scaling advanced power purchase agreements and innovative auctions, businesses can align their consumption with clean generation. This isn’t just good for the planet; it’s good for business. It’s about meeting the rising electricity demand in APAC, which is expected to account for nearly 60% of global growth over the next two decades.
But this isn’t just about meeting demand; it’s about shaping it. It’s about creating a future where clean, reliable, and cost-effective energy is the norm, not the exception. It’s about building the renewables, grids, and storage that businesses are demanding. It’s about sparking a clean energy revolution in the Asia-Pacific region and beyond. The question is, will governments and corporations rise to the challenge? The future of the region’s energy landscape hangs in the balance.