Why Asia should look for new renewable energy partners after US pull-out
Asia faces a critical juncture in its clean energy transition as the US retreats from climate finance initiatives and fossil fuel prices decline. This situation presents Asian nations with a choice between pursuing short-term economic gains by relying on cheaper, carbon-emitting fuels or doubling down on their commitment to a clean-energy future, potentially requiring the forging of new partnerships.
The US withdrawal from the Just Energy Transition Partnership (JETP) has created uncertainty for energy-hungry Asian countries already grappling with intensifying climate threats. Simultaneously, the price of Brent crude oil has plummeted, and potential resolutions to the Ukraine-Russia war could further increase the availability of cheap oil. While natural gas supplies may experience shortages in the short term, projections indicate an oversupply by 2027, potentially enticing Asian nations to delay their clean energy programs in favor of readily available fossil fuels.
via SCMP Full Text Feed
Asia faces a critical juncture in its clean energy transition as the US retreats from climate finance initiatives and fossil fuel prices decline. This situation presents Asian nations with a choice between pursuing short-term economic gains by relying on cheaper, carbon-emitting fuels or doubling down on their commitment to a clean-energy future, potentially requiring the forging of new partnerships.
The US withdrawal from the Just Energy Transition Partnership (JETP) has created uncertainty for energy-hungry Asian countries already grappling with intensifying climate threats. Simultaneously, the price of Brent crude oil has plummeted, and potential resolutions to the Ukraine-Russia war could further increase the availability of cheap oil. While natural gas supplies may experience shortages in the short term, projections indicate an oversupply by 2027, potentially enticing Asian nations to delay their clean energy programs in favor of readily available fossil fuels.
via SCMP Full Text Feed
