During the opening of a summit - in Malaysia -, it was emphasized that the objective of reaching the net zero on a global level cannot be achieved without the active involvement of Asia. Tengku Muhammad Taufik, CEO of state oil and gas company Petronas, emphasized that the Asian region will play a crucial role in the transition to a sustainable economy. With forecasts indicating that Asia will account for half of the global Gross Domestic Product (GDP) by 2040 and will be responsible for around 40% of world consumption, it is clear how important your actions are in achieving global targets.
Asia, with its ever-growing population and rapid urbanization, faces significant challenges with regard to sustainability and natural resource management.
A recent report released by the International Energy Agency brought worrying information about greenhouse gas (GHG) emissions in Asia. According to the report, developing economies and emerging markets in the region saw a 4.2% increase in emissions in 2022, outpacing growth seen in other parts of the world. These alarming data highlight the urgent need to address the issue of emissions in Asia, especially when more than half of that increase is attributed to coal-fired power generation.
It is important to recognize that fossil fuels such as oil, coal and natural gas have been the main source of global energy for decades. These resources are widely used in different sectors, from transportation to electricity generation and residential and industrial heating. However, it is also widely known that the burning of these fuels is responsible for high greenhouse gas emissions, contributing to climate change and its impacts.
The inclusion of fossil fuels in the energy base, at least in the first half of the century, is seen as a gradual approach to the energy transition. This allows renewable and alternative energy technologies to be developed and implemented in a sustainable way, ensuring a stable energy supply in the process.
However, it is imperative to point out that the inclusion of fossil fuels is signaled as a temporary and transitory solution. As the necessary technology and infrastructure develops, it is recommended to accelerate the transition to cleaner and more sustainable energy sources, gradually reducing dependence on fossil fuels.
As such, with such a substantial stake in the global economy, the region has an opportunity to lead the transition to a low-carbon economy and promote sustainable practices in several key industries. This could include greater investment in renewable energies such as solar, wind and hydropower, as well as encouraging the use of more efficient and low-carbon technologies.
