Countries should invest in localising major portions of their supply chains, and source affordable solar modules and turbines from China, according to the Institute for Energy Economics and Financial Analysis.
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Investments in solar and wind could reach US$770 billion in the Asia Pacific region by the second half of the century, according to a new study by the Institute for Energy Economics and Financial Analysis (IEEFA), an energy think tank.
The bulk of this amount could be spent localising large parts of the region’s solar and offshore wind supply chains. Doing so would have a greater impact on the financial viability of both energy sources, than domestically manufacturing the panels and turbines that go in them, said Grant Hauber, IEEFA’s strategic energy finance advisor for Asia and author of the report.
“Solar and wind’s greatest advantage is that they’re currently the lowest cost form of energy available. Trying to manufacture solar panels or wind turbines in your own country not only wastes money, but also costs more energy,” Hauber told Eco-Business. “Countries should just buy the cheap solar modules and turbines from China.”
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