GAVIN MAGUIRE: Asia’s green goals may send global power costs soaring

Asia is the world's top polluter. File picture: REUTERS/ANUSHREE FADNAVIS

But several African nations made it clear at the ongoing COP27 talks in Egypt that they intended to develop their fossil-fuel resources to alleviate local fuel shortages and develop critical export markets.In top power-consuming region Asia, however, natural gas is viewed as a cleaner alternative to high-polluting coal, so the prospect of increased supplies from Africa will be welcome news.

In contrast, firms looking to develop large amounts of renewable-energy capacity must frequently make costly alterations to the footprint of their energy installations, including securing land for solar or wind farms in remote locations and expanding their power grids to link that supply to consumer hubs.

However, power producers across the region are planning to expand existing networks and link major consumer hubs to distant suppliers. However, many of the pipeline networks are already substantially constructed, and authorities in India and China in particular view the buildout of energy infrastructure as an essential component of broader economic competitiveness.

In addition, some of the gas that Russia formerly sent to Europe may be rerouted to Asian buyers, which are less likely than some of their European counterparts to reject Russian shipments on political grounds.

Source: News Formal (newsformal.com)

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