Asia majority consumer of energy by 2035

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Manjung-Power-Station
Power plant in Malaysia

Burgeoning middle classes across Asia have led to greater energy demand that is forecast to continue growing at an unsustainable rate, the Asian Development Bank (ADB) has reported.

“Asia could be consuming more than half the world’s energy supply by 2035, and without radical changes carbon dioxide emissions will double,” said ADB Chief Economist Changyong Rhee.

“Asia must both contain rising demand and explore cleaner energy options, which will require creativity and resolve, with policymakers having to grapple with politically difficult issues like fuel subsidies and regional energy market integration.”

The result of this drastic rise in voracious growth could mean increased environmental degradation and a yawning gap in access to energy between the rich and poor.

Due to a lack of rich hydrocarbon resources and overpopulation, Asia is placing immense strain on its limited indigenous energy supply.

“With only 9 per cent of proven global oil reserves, the region is currently on track to almost triple oil imports by 2035, rendering it significantly more vulnerable to external supply shocks,” a release by the ADB notes.

Since 1.8 billion people still rely on wood and other traditional fuel as their primary energy source, Asian governments have to muster the political wherewithal to scrap outdated energy policies to stoke economic advancement in a sustainable way and reduce damage to forests.

The report suggests that eliminating wasteful subsidies worldwide would also lower CO2 emissions by 2.6 billion tons in 2035.

 

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Reading Time: 1 minute

Power plant in Malaysia

Burgeoning middle classes across Asia have led to greater energy demand that is forecast to continue growing at an unsustainable rate, the Asian Development Bank (ADB) has reported.

Reading Time: 1 minute

Manjung-Power-Station
Power plant in Malaysia

Burgeoning middle classes across Asia have led to greater energy demand that is forecast to continue growing at an unsustainable rate, the Asian Development Bank (ADB) has reported.

“Asia could be consuming more than half the world’s energy supply by 2035, and without radical changes carbon dioxide emissions will double,” said ADB Chief Economist Changyong Rhee.

“Asia must both contain rising demand and explore cleaner energy options, which will require creativity and resolve, with policymakers having to grapple with politically difficult issues like fuel subsidies and regional energy market integration.”

The result of this drastic rise in voracious growth could mean increased environmental degradation and a yawning gap in access to energy between the rich and poor.

Due to a lack of rich hydrocarbon resources and overpopulation, Asia is placing immense strain on its limited indigenous energy supply.

“With only 9 per cent of proven global oil reserves, the region is currently on track to almost triple oil imports by 2035, rendering it significantly more vulnerable to external supply shocks,” a release by the ADB notes.

Since 1.8 billion people still rely on wood and other traditional fuel as their primary energy source, Asian governments have to muster the political wherewithal to scrap outdated energy policies to stoke economic advancement in a sustainable way and reduce damage to forests.

The report suggests that eliminating wasteful subsidies worldwide would also lower CO2 emissions by 2.6 billion tons in 2035.

 

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