Officials in Asian energy institutions and companies disputed the call from the International Energy Agency (IEA) to end fossil fuel investments to achieve net-zero emissions by 2050. IEA, which had previously supported fossil fuel energy, released its first roadmap to net-zero emissions that suggested ending investments in oil, natural gas, and coal; increasing the deployment of renewable energy; phasing out coal-fired power plants, and stopping sales of conventional passenger cars.
Akihisa Matsuda, an official with Japan’s Ministry of Economy, Trade and Industry (METI), said Tokyo has no plans to end oil, gas, and coal investments immediately. Matsuda said IEA only provides one solution to reach net-zero emissions, which is not necessarily aligned with Japan’s policy. He added that Japan would balance its climate goals with efforts to protect its energy security. Japan was Asia’s third-largest carbon emitter in 2019.
Andrew McConville, the chief of the Australian Petroleum Production and Exploration Association, said the report did not take into account that future oil and gas field development might benefit from future negative emission technologies and offset from beyond the energy industry. Australia, the largest carbon emitter per capita among wealthy nations, on Wednesday committed AUD600 million ($467 million) to construct a new gas-fired power plant to back up renewable power.
In the Philippines, Energy Secretary Alfonso Cusi said cutting fossil fuel investments would hinder the nation’s aspiration to become an upper-middle-income country. Hendra Sinadia, an executive director at Indonesia Coal Mining Association, said some countries are still building new coal plants which will underpin coal demand in the next few decades despite the global decarbonisation efforts.
