Banking on green energy and powering the climate friendly energy revolution
By 2030, regional electricity consumption is expected to increase by 100%. Meeting this exponential growth in demand by expanding the existing electricity mix would increase carbon emissions by an estimated 102%. But closer regional cooperation will make it possible to adopt cleaner technologies and reduce the carbon intensity in power generation by 32%.
Regional trade will thus enable the development of renewable energy projects that are too large to be accommodated by a single country’s power system. Also noteworthy is the approval of new financing initiatives that help increase renewable energy integration and improve the operation of the regional power grid through battery energy storage—an innovative initiative that will boost investment in renewable energy.
The COVID-19 pandemic has prompted rapid growth in the use of digital platforms and applications in all sectors and at all levels. But digital transformation cannot be achieved in the region without better access to electricity.