APAC must triple energy transition investments to meet 2050 net zero goal

The region needs US$2.3t by 2030.

Asia-Pacific must triple its energy transition investments to US$2.3t by 2030 to stay on track for the Paris Agreement and achieve net zero emissions by 2050, according to BloombergNEF's (BNEF) Asia Pacific’s Energy Transition Outlook.

The report said carbon markets could help APAC finance early-stage decarbonisation technologies and speed up the phase-out of unabated coal power plants. 

However, emerging technologies will require greater support from governments and multilateral bodies to drive deployment. 

The report stressed that collaboration is key to unlocking more capital for emerging technology projects and accelerating the deployment of affordable solutions. 

Of the nine technology drivers critical to transitioning from a high- to low-carbon energy system, only four—electric vehicles, renewable power, energy storage, and power grids—are mature and commercially viable. 

Despite their maturity, these technologies need significant acceleration to align with net-zero targets. 

Meanwhile, technologies like nuclear, carbon capture and storage (CCS), hydrogen, sustainable aviation fuels, and heat pumps are either not cost-competitive or face commercialisation challenges. 

The report emphasised that the successful commercialisation of these technologies in the next decade will determine the region’s decarbonisation success.