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Meeting energy demand

Asia-Pacific must invest $7 to $9.7 trillion by 2030

Staff Report

ISLAMABAD: The Asia and Pacific region should invest between $7 trillion and $9.7 trillion in the energy sector from 2005 to 2030 to meet the rapidly growing demand for energy in the region, according to a report released by the Asian Development Bank (ADB).

The Energy Outlook for Asia and the Pacific projects regional energy demand to grow 2.4 percent every year between 2005 and 2030, outpacing the world average of 1.5 percent.

Nearly 80 percent of the region’s energy needs in 2030 would have to be met by fossil fuels, coal, oil and natural gas and this will drive the growth in carbon dioxide emissions, the report warned. Net imports of oil are projected to increase substantially, nearly doubling the 2005 level by 2030.

ADB and the Asia-Pacific Economic Cooperation jointly published the report. It was launched together with another report, Energy Statistics in Asia and the Pacific (1990-2006), during the Pacific Energy Summit.

During the launch, ADB Vice-President Lawrence Greenwood called on all stakeholders to seek a low-carbon path to meet growing energy demand in a socially, economically and environmentally sustainable way.

The Energy Statistics report found that the region consumed 34 percent of the world’s total primary energy supply in 2006. But the per capita electricity generation of 1,800 kWh in the region is still 37 percent below the world average of 2,870 kWh.

In 2005, in the Asia and Pacific region, about 930 million people did not have access to electricity.

ADB, based in Manila, is dedicated to reducing poverty in the Asia and Pacific region through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members – 48 from the region. In 2008, it approved $10.5 billion of loans, $811.4 million of grant projects, and technical assistance amounting to $274.5 million.

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