8/4/2019 Renewable Energy: The Global Score by Gary Olivar

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8/4/2019 Renewable Energy: The Global Score by Gary Olivar

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Renewable energy - The global score

CONTENTS  NATION  BUSINESS  WORLD 

8

Problem of climate change begets

!""!#$%&'$'()*'&*+,'-.$(/)-.#$*0!!1)*

and technologies. In its latest annual report

on trade and investment opportunities in Asia

!"#$%#, released in July, the

United Nations Economic and

Social Commission for Asia and

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regional trade and investment

opportunities in climate smart

goods and technologies. As

its executive director, UN

Undersecretary General Dr.

Noeleen Heyzer, stated in her

introduction: “As the region will have to come to terms with

the expected effects of climate

change, there is a collective imperative to

increase trade and investment in these goods.”

2'()34)"5(1#6)17&(0)&'"&)&'().8$"9!"#$%#)

:(5$71);$<<)1((0)&7)$1=(8&)>?)&7)@ABB)C$<<$71)

 C6)DBEB)$1)7:0(:)&7):(0>#()5:((1'7>8()5"8(8)

in the region to desired levels. This will

simultaneously also create opportunities

to develop and export these technologies,

especially in water, energy and resource

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for more than half of this new investment,

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renewable energy can make a lot of sense

economically as well as environmentally.

2.)$*3)'.*$!*,(.1*$4(*5!#,1*'&*+,'-.$(/

change investments? Indeed, investment in

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— equivalent to China’s GDP — in the next

two decades, according to Climate Change

ScenariosM)")8&>06)C6)#718><&$15)%:N)O(:#(:)

on investment strategies to hedge against

and gain from coming environmental trends.

 And the report forecasts that East Asia will

lead the world in climate change technology 

investments, including those designed to

reduce energy use (see chart).

The message isn’t lost on the Philippines, who

is already the world’s second largest producer

of geothermal energy, and is pledging to triple

its renewable energy resources M)&7)JEMPBQ)OR)

 by 2030, as the Department of Energy (DOE)

launched its National Renewable Energy 

Program in June. The country’s renewable

(1(:56):(87>:#(8)#>::(1&<6)#7N?:$8()PPGDL)7F)

its total installed generating capacity.

The ambitious targets of the National

Renewable Energy Program include more

than doubling the geothermal and hydro

power generating capacities – which

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(1(:56)#"?"#$&6)$1)DBJB)V);'$<()(H?"10$15)

8$51$%#"1&<6)&'()8'":()7F);$10M)87<":M)C$7N"88M)

and ocean power generating capacities from

JGPL)7F)&'():(1(;"C<(9(1(:56)#"?"#$&6)$1)DBJB)

&7)JPGTQL)C6)DBPB)*8(()&"C<()C(<7;/G)W6)&'(1M)

the country’s projected renewable energy 

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of the country’s projected power demand of 

DQMEPQ)OR .

THROWING MONEY AT CLIMATE CHANGE

Cumulative Investments in Technology, 2010-2030

EU US Japan China/East Asia Russia India/South Asia

1600

1400

1200

1000

800

600

400

200

0

$US bn

Delayed Action

Regional Divergence$ billion

Geothermal 1,996.0 220.0 1,100.0 95.0 80.0 1,495.0 3,461.0

Hydro 3,400.0 341.3 3,161.0 1,891.0 0.0 5,394.1 8,724.1

Biomass 39.0 276.7 0.0 0.0 0.0 276.7 315.7

Wind 33.0 1,048.0 855.0 442.0 0.0 2,345.0 2,378.0

Solar 1.0 269.0 5.0 5.0 5.0 284.0 285.0

Ocean 0.0 0.0 35.5 35.0 0.0 70.5 70.5

TOTAL 5,438.0 2,155.0 5,156.5 2,468.8 85.0 9,865.3 15,304.3

SECTORInstalledCapacity,

(MW)as of 2010

TotalCapacityAddition

(MW)2011-2030

TotalInstalledCapacityby 2030

Target Capacity Addition by

2015 2020 2025 2030

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Source: DOE, National Renewable Energy Program Executive Summary