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The gas infrastructure development in Asia that involves multi-billion-dollar investment runs the risk of the assets becoming uncompetitive against the cheaper renewable power, according to a report.
It also threatens to derail the countries’ efforts to reach net-zero emissions by the middle of the century.
According to a report by the Global Energy Monitor (GEM), “Asia’s proposed gas build-out is a risky, $379-billion bet.”
It’s a lose-lose proposition for the climate and Asian countries’ economies,” the Business Standard quoted Robert Rozansky, the author of the GEM report, as saying.
“Emissions from existing gas projects are already too great for the world to have at least a 50% chance of limiting global warming to 1.5ºC,” said Ted Nace, executive director of GEM.
The increased investment comes following coal cancellation throughout the continent after public opposition, fewer financing options and rising coal plant costs, reported the Business Standard.
Rather than turn to zero-carbon renewable power, many countries are turning to gas, it added.
China accounts for a large portion of $379-billion investment. Its investment is pegged at $131 billion. Other huge investments are in Vietnam, Indonesia, India, Thailand, Bangladesh, South Korea, the Philippines, Japan, Myanmar, Taiwan, and Pakistan.
Of those, India, Thailand, and Indonesia are the countries with the most investment in infrastructure currently under construction. They amount to about $16 billion, $8 billion, and $7 billion, respectively, said the GEM report.
According to the Business Standard, India’s planned coal power has decreased nearly 90% from 250 Gw to 28 Gw since 2015, while coal power under construction more than halved, from 79 Gw to 36 Gw. India has $29.5 billion of gas projects in development, it added.
The GEM report said China is developing more coal plants than the rest of the world. It also is looking to gas to fill some of its heating and power needs.
The GEM report said public institutions provided $22.4 billion in financing for gas projects in Asia between 2014 and 2018.
Recent announcements by the Asian Development Bank, World Bank, and others show that these institutions have not yet committed to withdrawing from gas financing.