Asia Set For Rapid Renewable Energy Expansion In 2023
Regional rollback of pandemic restrictions fuelled growth in early 2022.
External demand remains elevated despite increased inflation and high commodity prices.
Renewable energy growth set to propel manufacturing expansion and diversification.
Climate disasters led countries to prioritise climate funding and emissions reductions.
Related Knowledge Center: ENERGY BASICS: renewables
Renewable energy sources — once the fuel of the future, then practical in specific, narrow applications — are increasingly economic mainstream sources of power generation. Hydropower was long the mainstay of U.S. renewable electricity generation, although wind power surpassed hydro for the first time in 2019, and solar continues its rapid growth. The continued growth of wind and solar, with their fluctuations, is tied in part to improvements in storage technology: batteries.