BOAO, Hainan, March 26 (Xinhua) -- Energy transition is the key to embracing the green industrial revolution and achieving green development in Asia, according to a report by the Boao Forum for Asia released on Tuesday.
The report was titled "Sustainable Development: Asia and the World Annual Report 2024--Striding towards Zero-Carbon Electricity Era and Bolstering Green Development in Asia."
It said that the emergence of new quality productive forces, such as the utilization of renewable resources, enhanced energy efficiency, and electrification of end-use sectors, will give rise to new industries and create substantial job opportunities.
The global market for electric vehicles, solar and wind energy, green hydrogen, and over a dozen other green technologies is projected to reach 2.1 trillion U.S. dollars by 2030, five times the current market size, the report said while citing predictions by the United Nations Conference on Trade and Development.
Zero-carbon power systems are the cornerstone in addressing climate change, and the transition toward zero-carbon power calls for policy support, market mechanism design, and the collective participation of the entire society.
Market-based electricity pricing mechanisms can provide a strong impetus to the transition by stimulating renewable energy investment, development, and consumption, it said.
Asia has great potential for building zero-carbon power systems given its enormous demand for energy consumption.
Over the past five years, China, Japan, India, and other Asian countries have ranked among the top in global clean energy investment, acting as accelerators for global clean energy investment, it stated.
The report, however, noted that many developing countries in Asia, however, urgently need large-scale investments in green technologies and low-carbon industries. ■