Connect with us

Hi, what are you looking for?


 
CleanTechnica

Clean Power

Investment Of $7.7 Trillion Needed In Asian Transition To Renewable Energy & Energy Efficiency

Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!

A new report has concluded that $7.7 trillion is needed in investments into renewable energy and energy efficiency to meet the electricity demands of China, India, Japan, and Southeast Asia if the world is to avoid surpassing global warming of a 2°C above pre-industrial levels.

Asia renewable energy investment climate actionThe report, Investing for the climate in Asia, was released in conjunction with the launch of the new Asia Investor Group on Climate Change (AIGCC) this week. The report is “the most comprehensive analysis to date of climate finance sector activity in Asia,” and was undertaken by Asia Research and Engagement (ARE) with the support of the Australia and New Zealand Banking Group Limited (ANZ). The report reviewed the disclosure of leading domestic financial institutions across the Asia Pacific region (in total, 36 banks, 30 investors, and 24 insurers) in an attempt to accurately determine the state of the finance industry’s response to climate change in the region.

The report concluded that a “significant shift toward embedding climate risk and responsible investment into core business activities” is ongoing, but that “much remains to be done.”

“We know that between 2014 and 2035, $7.7 trillion is needed for renewable energy and energy efficiency to meet the demands of China, India, Japan, and Southeast Asia if the world is to meet a 2°C warming target,” said Emma Herd, CEO of the Investor Group on Climate Change (IGCC). “The finance sector has recognised the opportunity and is gearing up fast. While it’s clear that progress is uneven and gaps remain, such as a need for greater focus on climate risk in investing, progress over the past two to three years has been remarkable. There’s no doubt that a great transition is on.”

“Nations across the Asia Pacific are critical in the global effort to tackle climate change,” the authors of the report noted, adding that a large number of Asia Pacific countries “are investing in the policy framework and commitments necessary to drive investment into climate solutions.”

31% of the institutions analysed in the new report factored climate change risk into their financing operations. Over a quarter of the banks analysed referred to climate change factors as a reason to limit financing, and 81% disclosed their policy on responsible lending.

Image by Asia Investor Group on Climate Change

 
Have a tip for CleanTechnica? Want to advertise? Want to suggest a guest for our CleanTech Talk podcast? Contact us here.

EV Obsession Daily!


I don't like paywalls. You don't like paywalls. Who likes paywalls? Here at CleanTechnica, we implemented a limited paywall for a while, but it always felt wrong — and it was always tough to decide what we should put behind there. In theory, your most exclusive and best content goes behind a paywall. But then fewer people read it!! So, we've decided to completely nix paywalls here at CleanTechnica. But...
 
Like other media companies, we need reader support! If you support us, please chip in a bit monthly to help our team write, edit, and publish 15 cleantech stories a day!
 
Thank you!

Tesla Sales in 2023, 2024, and 2030


Advertisement
 
CleanTechnica uses affiliate links. See our policy here.
Written By

I'm a Christian, a nerd, a geek, and I believe that we're pretty quickly directing planet-Earth into hell in a handbasket! I also write for Fantasy Book Review (.co.uk), and can be found writing articles for a variety of other sites. Check me out at about.me for more.

Comments

You May Also Like

Clean Power

Countries are setting records in deploying technologies such as solar power and electric vehicles (EVs), and the IEA now projects that demand for coal,...

Agriculture

I am betting on collective sanity, rational behavior of governments, and funding getting into the right hands as opposed to into the hands of...

Autonomous Vehicles

Newly released data indicates that the latest electric medium duty and heavy duty trucks are increasingly ready to handle a lot of North America’s...

Bicycles

Electric rideables are absurdly efficient at moving people and small loads through urban areas without causing congestion, without noise, without pollution and without greenhouse...

Copyright © 2023 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.