Upcoming COP27 negotiations likely to be contentious, without major progress: EIU

THE need for Asian governments to balance energy security against minimising climate change is likely to lead to contentious negotiations and undermine progress at the upcoming COP27 climate talks in Egypt in November, the Economist Intelligence Unit (EIU) wrote in a recent report.

Asia will be the fastest-growing region for electricity consumption over the 10-year period as forecast by the provider of global business intelligence and market insights. However, it is also the region that relies most heavily on coal for its power generation, making decarbonisation a major challenge.

China has in recent months encouraged higher domestic coal production to ensure energy security and stable economic growth. The global leader in renewable energy investments, the EIU expects, will continue to take a soft approach towards fossil fuels, which are needed to fuel its massive economy in the short to medium term.