Renewable energy capacity is expected to increase by two terawatts in Asia Pacific region over the next decade, driven by population growth, strong economic performance and significant market potential. Southeast Asia will play an important role in this growth, with the region’s electricity demand expected to double by 2040, an annual growth rate twice the global average.
In its recent report, “Riding the Renewables Wave in Asia-Pacific”, Boston Consulting Group (BCG) investigates the huge potential of the region’s renewable power ecosystem. Asia Pacific’s installed renewable capacity is expected to grow faster than any other region in the world, at a rate of 7% year-on-year. Under stated policy goals, this reflects a US$3.7 trillion ($4.98 trillion) investment in renewable energy over the next two decades, more than commitments of North America and Europe combined.