Asia Pacific Energy Review
This column focuses on the previous week's main energy events in Asia Pacific.
Australia / BESS
PV module manufacturer Trina Solar has applied for a 660 MW/ 2.64 GWh battery energy storage system in Western Australia. If approved, the 4-hour duration BESS would be at the Kemerton Strategic Industrial Area that’s designated as a state-priority project, intended for strategic and heavy industries in the South-West.
China / Carbon market
China seeks feedback on a plan to include cement, steel and aluminium production in its carbon emissions trading scheme by year’s end, hoping this will boost market liquidity. China's carbon market consists of a mandatory ETS and a voluntary GHG emissions reduction trading market known as the China Certified Emission Reduction scheme.
China / Energy transition
Global clean energy investments have increased rapidly over the past decade, rising from $248 billion in 2014 to $745 billion in 2023, reports Rystad Energy. During this time, China has deployed more clean energy technologies than all other countries combined.Â
Coal power
A G7 plan to shut coal power plants in emerging markets faces further delays after a July deadline passed without a deal on the early closure of an Indonesian power plant that would be the first targeted under the Just Energy Transition Partnerships, which calls to invest billions of dollars in Indonesia, South Africa, Vietnam, etc to help in the energy transition.
India / Solar power
Spain’s Zelestra secured $147 million in financing for its 435 MW Gorbea solar plant in Rajasthan state. Currently, Zelestra India has 1.5 GW of projects in operation, construction, signed, or awarded, with a total portfolio of almost 5 GW.
Indonesia / Green financing
The Asian Development Bank approved a $500 million policy-based loan to expedite Indonesia's energy transition towards sustainable sources. The country’s goal is to reach net zero power emissions by 2050.
Lithium supply
With EV demand growth slower than anticipated, demand for lithium – an essential component in batteries – is slowly just as significant investment in new supply bears fruit. WoodMacEnzie forecasts a surplus of 220,000 tons of lithium carbonate equivalent in 2024, almost doubling to 436,000 tons in 2026.Â
Natural gas
U.S. natural gas futures rose 7% to a 12-week high on worries that some Gulf Coast oil and gas producers would reduce output ahead of a hurricane this week.Â
Solar power
This year the global community is on track to install 593 GW of solar power, a 29% rise YoY, reported Ember. China already has the largest solar capacity and leads the world with new additions for January-July 2024, 28% higher YoY.
South Korea / Nuclear power
The SMART100 small modular reactor design was granted standard design approval by South Korea's Nuclear Safety and Security Commission. SMART100 (System-integrated Modular Advanced Reactor 100) is an advanced version of the original SMART design that became the world's first SMR to receive approval in 2012.