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Asia requires $1 trillion yearly for energy projects
A report from McKinsey states that Asia may need to invest one trillion dollars annually in the energy sector until 2040 to enhance energy security, especially after disruptions to oil and gas flows caused by the Iranian war. The report projects a 15% increase in energy demand in the region, reaching 370 quadrillion joules by 2040, with Asia contributing 70% of the global increase. Coal is expected to remain an important part of the energy mix, alongside rising investments in renewable energy, particularly solar and wind, amounting to up to 300 billion dollars annually. These efforts aim to reduce dependence on fuel imports and achieve sustainable and inclusive development.
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