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Consultancy Rystad Energy said Monday that renewable energy investment in the Asia-Pacific region will exceed oil and gas exploration spending
by 2020.
The consultancy said total capital spending on renewable energy in the region will exceed $30 billion by 2020, slightly more than investments
in oil and gas exploration and production.
According to Rystad, India, Australia, Japan, Vietnam and South Korea will be the main destinations
for investment in Asia.
It is important to note that China was not included in the assessment
as the consulting firm focused solely on China.
The company focused solely on China and did not include the country in this assessment
.
China is the world's largest investor in renewable energy and one of the major consumers of
upstream oil and gas.
Investment in renewable energy is supported by government policies, such as feed-in tariffs for solar and wind in the region
.
Gero Farruggio, head of renewable energy at Rystad, said: "It is important that most (countries) have large targets outlining the integration of renewables into their respective energy mixes, as well as corresponding support policies
.
”
"A major change in the renewable energy industry is the emergence
of oil and gas giants as investors.
It is possible that these large players will become Australia's major renewable energy developers by 2020, and they are building large utility storage, solar and offshore wind portfolios in Australia," Farruggio said
.
Meanwhile, Malaysia's state-owned oil company and Royal Dutch Shell have recently taken action
in India's renewable energy sector.
Consultancy Rystad Energy said Monday that renewable energy investment in the Asia-Pacific region will exceed oil and gas exploration spending
by 2020.
The consultancy said total capital spending on renewable energy in the region will exceed $30 billion by 2020, slightly more than investments
in oil and gas exploration and production.
According to Rystad, India, Australia, Japan, Vietnam and South Korea will be the main destinations
for investment in Asia.
It is important to note that China was not included in the assessment
as the consulting firm focused solely on China.
The company focused solely on China and did not include the country in this assessment
.
China is the world's largest investor in renewable energy and one of the major consumers of
upstream oil and gas.
Investment in renewable energy is supported by government policies, such as feed-in tariffs for solar and wind in the region
.
Gero Farruggio, head of renewable energy at Rystad, said: "It is important that most (countries) have large targets outlining the integration of renewables into their respective energy mixes, as well as corresponding support policies
.
”
"A major change in the renewable energy industry is the emergence
of oil and gas giants as investors.
It is possible that these large players will become Australia's major renewable energy developers by 2020, and they are building large utility storage, solar and offshore wind portfolios in Australia," Farruggio said
.
Meanwhile, Malaysia's state-owned oil company and Royal Dutch Shell have recently taken action
in India's renewable energy sector.
