Energy prices in 2022 have risen dramatically across the globe, and Asia is no exception to the rule. From rebounds in demand post-pandemic to the war in Ukraine, energy prices in Asia have spurred to new heights. Many fossil fuels that were considered cheap reached new records, due to energy crisis, including the likes of coal and gas.
Countries across Asia feel the crunch that high energy prices bring, including competition for resources between countries that make it difficult to secure supplies. High fossil fuel prices in 2022 have renewed calls from renewable energy advocates that fossil fuels, including gas, are no longer cheap. They suggest domestically sourced renewable energy would secure countries from price shocks and contribute to climate goals.
Rising fossil fuel prices could be the final push for further renewable energy expansion across Asia and the globe.
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