Wood Mackenzie said that by 2030, investment in renewable energy power generation in the Asia Pacific region could double from the previous decade to US $1.3 trillion, reducing fossil fuel power spending by about 25% to US $54bn annually.

Alex Whitworth, head of research at the consulting firm, said: "the Asia Pacific region is a world leader in power generation investment, which is expected to reach US $2.4 trillion within 10 years, with renewable energy accounting for more than half of power investment..."

Mainland China, Japan, India, South Korea and Chinese Taipei will become the largest contributors to renewable energy investment (including solar and wind energy) in China, with an average installed capacity of about 140GW per year, Woodmac said in a report on Tuesday.

In contrast, Wood Mackenzie said that Renewable investment in Australia, the leader in energy transformation in the Asia Pacific region, will decline by 60% in the next five years, but will rebound to an average of $7bn a year in the 2030s. “ The country is shutting down aging coal-fired power plants and is facing reliability and cost challenges at least 10 years ahead of other Asian countries. " According to Whitworth, coal is expected to account for 55 percent of fossil fuel investment in the Asia Pacific region by 2030, before shrinking to 30 percent in the 2030s due to the dominance of natural gas.

By 2025, carbon emissions from the power sector in the region could reach a peak of 7.3bn tons. Whitworth said that while carbon emissions from the region's power sector are expected to fall 47 percent from their peak in 2025, "the inertia of coal-fired power facilities will hinder the realization of carbon free electricity in the Asia Pacific region by 2050.".

New technologies such as carbon capture and storage and green fuels, including hydrogen, ammonia and biomass, will be key to reducing emissions from the power sector, Whitworth said.

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