Asia Pacific (APAC) countries are adopting several strategies and roadmaps to achieve the renewable energy target designated by their nations. Countries such as India, Kazakhstan, Indonesia, Pakistan and Taiwan have implemented auctions to drive their renewable energy market, according to GlobalData, a leading data and analytics company.
The company’s latest report ‘Asia Pacific Renewable Energy Policy Handbook 2019’ reveals that regulatory framework and policies of the APAC countries are aiming to achieve a strong growth in the renewable energy market.
Piyali Das, Power Analyst at GlobalData, comments: “Auctions are the major mechanism in APAC driving the renewable energy sources in most of the key countries, with India being the most prominent in implementing auction plans to award 80 gigawatts (GW) of solar and 28 GW of wind projects between 2018 and 2020.”
Feed in tariffs (FiTs) play a role in enhancing the renewable energy market in APAC. In countries such as Australia and India, FiTs to renewable projects is a provincial or state subject. Pakistan is providing FiTs in renewable sources such as solar, wind and small hydro from 2015. Taiwan provides FiT for renewable systems and is subject to annual revision.
Piyali concludes: “The regulatory framework and policy structure, supporting renewable energy resources in various APAC countries, has led to significant development in the renewable energy market. China, India, Japan are some of the leading nations in renewable energy growth trajectories. In the wake of growing energy security and environmental concerns, most APAC countries are expected to strengthen their renewable energy mechanisms, which will help the Asia Pacific renewable energy industry to maintain growth in the coming years.”
GlobalData | http://www.globaldata.com