IREDA’s Profits Surge 46% YoY in Q4 FY 2024 as NPAs Drop

EV Logistics Firm BluWheelz Raises $1 Million in Bridge Funding

Solar Module Manufacturer Premier Energies Files DRHP for ₹15 Billion IPO

Amara Raja Wins BoS Contract for 500 MW Solar Project from Greenko

Sterling and Wilson Posts Profit After 3 Years, Benefits from Falling Module Prices

Swelect, Grew and ReNew Win SECI’s Auction to Supply 400 MW Solar Modules

Solar Sector Records 81% Drop in VC Funding in Q1, Corporate Funding Down by 4%

High Interest Rates Affect Subsidies, Capital Costs of Renewables: Report

Threat of US Anti-Dumping Duties on Indian Solar Module Exports

Daily News Wrap-Up: RECPDCL’s Tender for 223 MW Solar Projects


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2023/10/amazon_polly_59275.mp3?version=1696567957">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>The Asia Pacific (APAC) region is forecast to invest $3.3 trillion in power generation over the next decade, with a strong focus on renewables.</p>
<p>Wind and solar energy would account for 49% of the investment, while energy storage would receive 12% of the total investments, as per <a href="https://www.woodmac.com/" target="_blank" rel="noopener">Wood Mackenzie</a>&#8216;s latest analysis.</p>
<p>In the coming five years, the region is set to add 1,840 GW of new capacity, outpacing the rest of the world combined, as India and China invest in a mix of coal and renewables to address escalating power needs.</p>
<p>India, the second-largest power market after China in the region, wields a pivotal role in the global energy transition, driven by its substantial economic growth and soaring power demand. The country’s cost-effective renewables, the most affordable globally, have spurred the rapid adoption of large-scale wind and solar projects, boosting the renewables&#8217; share of power generation to 22% in 2022, with wind and solar representing nearly half of this share.</p>
<p>India faces a dual challenge: aiming for carbon neutrality by 2070 while heavily investing in over 50 GW of new coal power projects. Despite fossil fuels currently supplying 75% of India&#8217;s power (with a declining trend) and per capita power sector emissions expected to peak in a decade, it is unclear if this will enable a successful low-carbon transition.</p>
<p>Wood Mackenzie said India needs a substantial $350 billion investment in power generation over the next decade to address this challenge. This investment offers opportunities in renewables, encompassing utility solar, onshore and offshore wind, hybrid renewables, and energy storage projects, paving the way for a cleaner and more diverse energy mix while driving the adoption of new technology.</p>
<p>In a recent report, Wood Mackenzie in its latest report on India <a href="https://www.woodmac.com/press-releases/india-needs-radical-transformation-to-reach-net-zero-emissions-by-2070/" target="_blank" rel="noopener">explored</a> how India can reach its 2070 net zero emissions goal through a radical transformation involving a significant shift to zero-carbon energy sources, substantial electricity generation growth, a decrease in fossil fuel usage, adoption of low-carbon hydrogen and carbon capture, and the integration of electric vehicles, niche technologies, and enhanced energy security.</p>
<p>In another report last November, Wood Mackenzie pointed out that Indian firms have <a href="https://www.mercomindia.com/indian-corporates-are-top-green-energy-asia-pacific-region" target="_blank" rel="noopener">led</a> in green energy procurement in the Asia Pacific for the last two consecutive years, securing 8.1 GW of capacity and representing 89% of the region&#8217;s contracted renewables, driven by competition, rising energy costs, and the attractiveness of open access initiatives, rooftop solar installations, and power purchase agreements.</p>
<p>A recent study by the International Energy Agency and International Finance Corporation also <a href="https://www.mercomindia.com/unlocking-potential-investments-clean-energy" target="_blank" rel="noopener">emphasized</a> that despite growing clean energy investments, there is still a need and urgency to ramp up investments in this sector worldwide, including in India.</p>
<p>Developing countries (excluding China) must nearly septuple their clean energy investments to reach $1.4-1.9 trillion annually by the early 2030s, creating opportunities for sustainable growth, job creation, and universal energy access by prioritizing clean electrification, grid enhancements, and efficiency to meet climate and development goals.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/staff/" class="vcard author" rel="author"><span class="fn">Staff</span></a></div><div class="saboxplugin-desc"><div itemprop="description"></div></div><div class="clearfix"></div></div></div>

APAC to Invest $3.3 Trillion in Power Generation with Focus on Renewables: Report

asiapacific

Get the most relevant India solar and clean energy news.

RECENT POSTS