Conclusion
The next decade will be critical in the APAC region’s push towards an energy transition – but it will be all the more complex because of a multitude of issues.
Geopolitics, international conflicts, rising costs of living and inflation are all playing a crucial part in how decisions are made and how the key decision makers – whether in government or corporate boardrooms – decide on the next steps towards changing the way energy is consumed.
What’s clear is that the climate crisis is significantly worsening and that there is a great need to transition away from traditional energy sources at a much greater pace.
This study has shown that corporations across APAC are demonstrating greater commitment to transition to renewable energy resources.
For various reasons, including the need to cut down on energy costs, operate more sustainably, and realise wider business benefits, corporations have also indicated a strong willingness to pay for premiums on products and services as long as their goals for cleaner energy are met.
Decisions which are made today will have a huge impact on the future – and on future generations – with the world currently at an inflexion point.
The encouraging aspect is that corporations in the region understand the role they need to play in the energy transition and the responsibility they have to drive change. They have the ability to make change happen, the influence and the scale.
To aid the transition, policies will need to keep up with the demand, and in addition, this is where governments will need to step up their role in aiding the transition, whether through policies, financial support mechanisms, or both.
The key takeaways of the 2023 Asia Pacific Energy Report reveal the following:
- Covid-19, ongoing international conflicts and energy inflation have all contributed towards some level of delay in the energy transition
- Corporate decision-makers know that they have a huge responsibility in powering the change within APAC
- The time is now for significant changes to be made
- Local governments and corporations should band together to accelerate this process and advance to the next stage of renewable energy adoption
But the clock is ticking, and the climate crisis does not care about recessions, policies, borders or the speed at which humanity can change.