Energy Price Crisis
The G7’s Responsibility to Help Bangladesh and Other Climate-affected Countries
At the approaching 2023 G7 meeting, the world expects global leaders to address the elephant in the room: fossil fuel phase-out. The G7 must set an example and develop a unified vision to help address climate change – an issue heavily impacting developing nations.
Bangladesh’s Energy Scenario in 2023
As Bangladesh recovers from energy shortages in 2022, there are questions about its energy stability in the coming years. While the country aims to produce 40% of its power from renewable sources by 2040, the current government is negotiating long-term LNG contracts. Without a switch to renewable energy, Bangladesh's energy grid will remain vulnerable to energy disruptions and the associated economic disruption.
Solar Energy In Bangladesh: Current Status and Future
Bangladesh generates 99% of its energy from fossil fuels. However, it has several renewable energy targets for 2030 and 2040 that require significant financial and time investments. Solar power will play an essential role in reaching these targets, and Bangladesh can't afford to postpone the transition in favour of LNG.
The Future of Natural Gas In Asia
A recent ERIA-backed workshop calls for more natural gas usage in Asia until at least 2050. However, energy economics, long-term economic stability and climate mitigation dynamics throw doubt on those conclusions.
The Power Sector in Bangladesh Is Slowing Its Economic Growth
Bangladesh's energy crisis rocked the country in the second half of 2022. Brought on by record-high LNG prices, the country – which is heavily reliant on natural gas – had to limit local energy consumption. Rolling blackouts, power-shedding and other energy-saving measures have been significant roadblocks for the country's growing manufacturing sector.
Energy Crisis in Bangladesh Highlights Risks of Fossil Fuels
Bangladesh sources most of its energy from fossil fuels, with natural gas making up the lion's share. Due to COVID-related supply chain issues and global political instability, fossil fuel prices are steadily climbing. As a result, the country has had to halt natural gas imports, leading to rolling blackouts. This highlights the risks associated with fossil fuel reliance and the need for local renewable energy production.
China’s Fossil Fuel Addiction and the Green Transition
China's renewables development leads the world by a more than a two-to-one ratio, but its fossil fuel usage still accounts for more than 50% of its power production needs, creating the world’s highest GHG emissions.
Global LNG Outlook 2023: Is There a Future for LNG?
Global LNG markets will remain volatile for the rest of the decade, negatively impacting Southeast Asia. The region's carbon emissions-intensive gas-to-power build-out exacerbates the problem. With a myriad of problems from LNG and gas-to-power usage, energy economics dictate that renewables development is the best path for Southeast Asia.
Renewable Energy May Provide South Asia Relief From Energy Price Shocks
Imported fossil-fuel-dependent South Asian economies, India, Bangladesh and Pakistan, have not been able to escape the perils of volatile and elevated prices of oil, gas and coal in the international energy market. However, renewable energy promises to ensure affordable energy and shield the foreign currency reserves of South Asian countries.
The Impacts Of the Electricity Price Increase On Asian Countries
While the electricity price hikes across developing and developed Asian nations started in 2022, they are expected to extend into 2023. This risks impeding economic growth, fueling inflation and affecting the poorest the most. On the bright side, it is the perfect moment for a long-needed energy system overhaul.
Bangladesh Struggling with Pricey LNG
Bangladesh has placed much of its energy future on imported liquefied natural gas (LNG) to fuel its power sector. However, all bets for LNG are off now, given its high cost and supply issues. The best way forward for the South Asian nation is renewables development.
Vietnam’s Net-zero Plans Include One Major Problem: LNG
Vietnam has set a net-zero 2050 goal. The way forward includes a mix of renewable energy development and an eventual end to coal-fired power production. However, its plan to include liquefied natural gas (LNG) as a so-called "clean fuel" misses the mark.
Energy Crisis in the Philippines and Asia
With global LNG prices reaching unprecedented highs, several countries in Asia are now facing an energy price crisis. How is this affecting the people and how are governments responding?
Singapore Must Devise New Initiatives to Replace Its Natural Gas Overreliance
Singapore is pressing ahead with a national hydrogen strategy to replace its over reliance on natural gas-fired power generation. But that strategy appears to be centred on “low carbon” hydrogen, which is still a carbon emitter, instead of green hydrogen, which produces no GHG emissions.
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