The People-Centric Energy Transition in Asia Pacific: The Now, The How, and The Future
Overview
This publication, a collaborative effort between Boston Consulting Group (BCG) and AVPN Limited, addresses key issues related to the People in the Energy Transition across Asia Pacific. It examines the current strategies for a Just Energy Transition to understand the challenges in advancing the People-Centric agenda. The publication serves as a foundational framework, setting the stage for further discourse and action.
Current State of the Energy Transition
- Key Stakeholders: The publication focuses on four key people stakeholders—Workers, Communities, Consumers, and SMEs—essential for a Just Transition.
- Current Challenges: Despite growing interest and investment in Energy Transition, "People" are often overlooked, particularly marginalized groups, workers in sunset fossil fuel industries, and vulnerable consumers.
- Data Highlights:
- Economic Impact: By 2100, the Asia Pacific region could face a 32% GDP loss if no significant action is taken.
- Human Impact: By 2100, 4.1 billion people could be at risk from rising sea levels, and 25 billion could be exposed to extreme heatwaves.
- Climate Vulnerability: Over 3.6 billion people currently live in areas highly vulnerable to climatic-driven hazards.
Key Challenges and Solution Areas
- Awareness: Gaps in awareness about the impacts and benefits of Energy Transition.
- Funding: Insufficient funding directed towards People-Centric solutions, with less than 1% of funds allocated to such initiatives.
- Delivery Quality: Poor quality in the implementation and execution of Energy Transition projects.
Recommendations and Solutions
- Platform Introduction: The publication introduces ASCENT, a platform dedicated to People-Centric solutions, with Cathay Financial Holdings as an inaugural sponsor.
- Multi-Agency Collaboration: A call for a multi-actor approach to address key challenges, leveraging the strengths of various stakeholders.
Future Actions
- Collective Action Platform: BCG and AVPN plan to launch a collective action platform to drive the People-Centric agenda in Asia Pacific.
- Partnership: The aim is to mobilize concerted efforts towards addressing the People-Centric Energy Transition, ensuring that the benefits are shared equitably and no one is left behind.
Conclusion
A successful Energy Transition is crucial for mitigating the effects of climate change. The Asia Pacific region, contributing 50% of global emissions, plays a pivotal role in achieving this. Addressing the challenges through a People-Centric approach is essential for a sustainable and equitable future.
This summary provides a clear overview of the key points discussed in the publication, focusing on the current state, challenges, and proposed solutions for a People-Centric Energy Transition in the Asia Pacific region.