Begin Clean Energy Revolution Now, Says World Bank

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East Asia’s six major energy-using countries will need to mobilize

about $80 billion in investment yearly,

as well make domestic policy and institutional reforms, to attain sustainable energy growth, said the World Bank.

China, Indonesia, Malaysia, Philippines, Thailand, and Vietnam can simultaneously stabilize their greenhouse gas emissions by 2025 without compromising growth through additional  fiscal  investment  in renewable energy and energy efficiency, the bank said in a new report.

The international community must shoulder $25 billion of the total investment. China should pay for a big chunk of the investment while smaller countries will chip in smaller shares, said Dr. Xiaodong Wang, lead author of the report and senior energy specialist at the World Bank.

Additionally, the report states that governments must help put clean energy in the mainstream. To date, East Asia’s energy consumption has trebled and will likely continue to rise as economies develop and urban population swells by 50 percent.

Renewable energy could take up a big proportion of East Asia’s energy demands by 2030, the World Bank suggested.

The report stresses that the window of opportunity is closing fast, adding that the region might be stuck in high-carbon infrastructure if governments do not act promptly.

“The speed and scale of urbanization presents an unrivalled opportunity to build low-carbon cities,” said Ms. Wang at a discussion in Manila on Monday.

“The technical and policy means already exist for the necessary transformation – what’s needed is political will and unprecedented international cooperation to meet the financing needs,” she added.

Jim Adams, the vice president of the bank for the East Asia and the Pacific, said countries must pick up the pace of low-carbon development and sustainable lifestyle.