Coal, oil and natural gas will be far and away the dominant source of energy in Asia-Pacific in 2030, despite efforts to grow renewable energy sources, says an Asian Development Bank (ADB) report.

 

But the report says over the next two decades the region must invest staggering sums to meet its energy needs - between $7 trillion and $9.7 trillion.

 

It expects that nearly 80% of the Asia’s energy needs in 2030 will be met by fossil fuels – coal, oil and natural gas – and this will drive the growth in carbon dioxide emissions. Net imports of oil are projected to nearly double the 2005 level by 2030.

 

The ADB predicts regional energy demand to grow 2.4% every year between 2005 and 2030, outpacing the world average of 1.5%.

 

Use of coal will rise 2.1% annually, and will supply 38.3 % of the region’s needs by 2030. Oil will supply 27%, with 2.2% annual growth, and natural gas will grow at 3.6% each year to account for 14.5% of total supply.