The Energy Minsters from the Twenty-one countries in the Asia Pacific Economic Cooperation are acknowledging the decrease in the cost of renewable energy technologies. However, they are claiming an urge for a constant effort to ensure that price will reduce even further.
Wind, solar, bio-energy and geothermal are renewable sources for electricity. Bio-fuel is alternative energy available for the transport sector. APEC is supporting the need for standardization and constant efforts to furtherance the reduction in cost. This goal is to increase diversity of energy supply and augment the versatility of sources for the electricity and transport sector.
After a recent meeting at Fukui, Japan, the APEC community established the declaration to “advance energy security, improve energy efficiency and increase the clean energy supply in the APEC region.”
The measures established to support the declared objective is to assure a collaborative assessment of standards. Moreover, an attempt to develop energy efficient appliances was also envisaged. An investigation of how to decrease carbon emission through the use of nuclear power by the APEC countries was equally suggested.
There was also Smart Grid Initiatives proposed. These were meant to increase the integration of renewable energies. The smart grid scheme will be focusing on enhancing the distribution of the energy to buildings and other consumers.
There are also smart grid technologies that must be developed. This includes storage capacity such as batteries and other highly cost-effective energy storage technologies. The aim of such systems will be to increase the consistency of renewable energy. The operating cost of the smart grid is expected to be more effective through the deployment of energy efficient solutions.
Natural Gas To Accounts for Intermittent of Renewable Energy
The use of natural gas can support the intermittent of renewable energy sources. Moreover, natural gas emits less carbon dioxide in comparison to conventional fossil fuels. It is thus an environmentally sound alternative.
Moreover, other low-emission power sources include technologies such as carbon capture and energy storage. The option of nuclear energy is also expected to supersede some of the fossil fuels.
The use of bio-fuels derived from sustainable biomass sources is also another way to alleviate dependency on oil import for the transportation sector. Furthermore, bio-fuel has a lower carbon footprint in comparison to oil & crude oil.
The announcement made by the energy ministers directed an increasing spur on investment in reducing carbon emission. It is also creating more employment.
The ministers even proclaimed that the goal set in 2007 to decrease the carbon footprint by 25 percent by year 2030 is probably going to be surpassed.
APEC’s motive to eliminate the use of inefficient fossil fuel subsides, is also going to be achieved. Fossil fuel subsidies promote wasteful consumption and emission of carbon dioxide. The region is taking precaution to increase energy security in the face of global economy and environmental concerns.
The use of efficient and clean energy sources will improve energy security, stimulate growth and will simultaneously lower emissions. These three objectives are likely to be conquered at once.
The Sustained Key Role of Fossil Fuel
Moreover, fossil fuel will indeed be playing a sustainable role in the APEC region. New and ineffective development will require fossil fuel. Conventional fossil fuel is likely going to be used for some traditional machinery as well but with transparent investment regimes.
The smartest way to establish a greener and cost-effective economy in energy is to enhance the energy efficiency of renewable sources. It will clearly address the 3 pillars of climate change, energy security and economic growth.
Addressing energy-efficiency requires emphasis on architecture of building and appliances. They are prerequisites to decrease energy consumption. In the region, buildings consume roughly 40 percent of total energy demand.
Information About APEC
The APEC was established in 1989. Its aim is to promote economic growth, assure international trade and cooperation within the Asia-Pacific region. All the obligations are on a voluntary basis. The countries involved in the region accounts for 44 percent of global trade, 54 of world’s GDP and 40 percent of the world’s population.
Member Countries of APEC
1. Australia
2. Brunei Darussalam
3. Canada
4. Chile
5. People’s Republic of China
6. Hong Kong, China
7. Indonesia
8. Japan
9. Republic of Korea
10. Malaysia
11. Mexico
12. New Zealand
13. Papua New Guinea
14. Peru
15. The Republic of the Philippines
16. The Russian Federation
17. Singapore
18. Chinese Taipei
19. Thailand
20. United States of America
21. Viet Nam.
Source: Renewable Energy Focus
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