Asia requires $1tn yearly for energy to 2040
A report from McKinsey indicates that Asia will need investments of up to one trillion dollars annually in the energy sector over the next 15 years to enhance energy security and meet the rising demand. The report forecasts that energy demand in the region will continue to grow, reaching 370 million terajoules by 2040, accounting for about 70% of the global increase in energy consumption. It also predicts that reliance on coal will persist longer than expected, with slower growth in gas consumption, as the region gradually shifts toward renewable energy and replaces biofuel imports—especially in India and Southeast Asia—in an effort to reduce dependence on imports and ensure energy security.
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