Fast-tracking decarbonisation: Strategies for Asia’s energy sector

Countries around the world today face significant challenges addressing the energy trilemma, which involves ensuring energy security, equity and sustainability for their citizens.

Nowhere is this more evident than in Asia, where the region is grappling with accelerating energy demand and fossil fuel-dependency while contending with energy affordability and increased climate vulnerability.

Governments in the region have responded to this challenge by investing into large-scale clean energy infrastructure and advancing new technological solutions. However, the transition is not keeping pace with global climate targets set under the Paris Agreement 1.5°C pathway.  

With fossil fuel use to be a key source of energy for the region in the short- to medium-term – natural gas demand in Asia Pacific rose by 189% from 2000 to 2022 and is predicted to continue into the foreseeable future – it is vital that the energy sector accelerates efforts to decarbonise the industry.  

Among various strategies to rapidly decarbonise Asia’s energy sector, the reduction of methane is labelled by the World Bank as “the single most important climate action we can undertake in the short-term." Methane contributes to 18 per cent of global greenhouse gas emissions and has 28 times greater global warming potential compared to carbon dioxide. Reducing methane emissions by 45% by 2030 – consistent with a 1.5°C pathway – will also result in US$470 billion in annual savings worldwide.  

Industry action is critical for identifying the right methodologies to quantify and measure methane, and to capture its value while reducing emissions immediately. Adopted alongside other proven decarbonisation strategies, the energy sector in Asia is uniquely positioned to accelerate the region’s energy transition. How can political will, corporate buy-in and an enabling environment be created to facilitate this at scale?  

Join us for this dialogue, hosted by Eco-Business and Environmental Defence Fund in the same week as the Singapore International Energy Week 2024, where we will convene experts from government, industry, energy, and sustainability as we chart the actionable pathways to unlock a fully decarbonised energy sector for Asia.  

(This event is by invite only. If you'd like to register your interest to join this event, please write in to partners@eco-business.com)