Asia Pacific sits at just 25% readiness for the energy transition, says Siemens Energy report

Regional and global business leaders, policymakers and government representatives throughout the energy sector convened at the 2nd annual Asia Pacific Energy Week themed "Making the Energy of Tomorrow Possible," organized by Siemens Energy, to discuss regional challenges and opportunities for the energy transition.

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One of the most significant outcomes of the event is the Asia Pacific Energy Transition Readiness Index, which Siemens Energy identified in close collaboration with global management consultancy Roland Berger, a knowledge partner in the Asia Pacific Energy Week.

More than 2,000 participants actively engaged in the discussions, opinion polls and questions at the event. They were surveyed on the importance of 11 pre-determined key energy priorities and the progress made toward the energy transition. The study yielded valuable data and insights which will be used to enhance critical strategies for the energy transition in the Asia Pacific region.

A notable finding is a huge gap between perception and reality regarding carbon emissions.

Between 2005 and 2020, regional carbon emissions grew by around 50 percent, yet participants believed they had fallen by almost a third. The participants also anticipated that 2030 emission levels would be 39 percent lower than 2005.

Further analysis of the survey data revealed that the Asia Pacific region had a score of 25 percent on the Readiness Index, which can indicate how far a region is along its energy transition path.

Commenting on the Index, Christian Bruch, President and CEO of Siemens Energy AG, said:

While we have seen successful decarbonization in a number of areas, strong economic growth is counteracting this progress, resulting in a net increase in overall emissions. With the Asia Pacific region responsible for more than half of the world's CO2 emissions, global climate efforts must clearly involve Asia Pacific more in the future. Maintaining economic growth and prosperity while simultaneously reducing emissions in the medium and long term needs to be the top priority for the region.

While participants agreed unanimously that each of the energy priorities has an important role in the region, the accelerated expansion of renewables and the decarbonization of industry were considered the most critical factors.

When asked about their views of the progress made on these energy priorities, many participants highlighted that much remains to be done, with many of the priorities still in the planning phase. The most progress was reported in power generation, with more than 80% of participants saying that the acceleration of renewables is at least in the planning phase, with around a third already at implementation. Almost two-thirds of respondents reported a similar level of progress for coal exit strategies.

When asked about what needs to be done for these energy priorities, participants see Policy as the most crucial factor in almost every priority. Funding also emerged as a substantial need for most priorities.

Click here to view the full Asia Pacific Energy Transition Readiness Index report.

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