Energy demand in the Asia -Pacific is projected to grow by over 40% by 2040, accounting for two-thirds of global growth.
The front-runners for fuels, oil & gas will be a major component of our energy consumption for many years to come.
Despite increasing competition from renewable sources of energy, the oil and gas sector is still a thriving sector. Since 1850, oil and gas has kept the lights of our modern world burning bright. Today, these fuels account for 65.2% of global electricity production according to the World Bank – totalling 100 million barrels each day and up to 36 billion barrels per year.
As reported by the International Gas Union (IGU), Asia Pacific markets were the destination for almost 70% of global LNG trade in 2018. China and South Korea accounted for nearly 80% of the increase in net global LNG trade in 2018.
Also with the bulk of manufacturing capacity having shifted to Asia, the world’s most populous region is home to the largest share - 60% of the global clean energy workforce, according to a 2019 report by IRENA. With current energy plans and policies, nearly 1.7 million people could be working in Southeast Asia’s clean energy sector by 2030. With scaled-up deployment, it could rise to 2.2 million jobs available in the market by 2030.