Record-high coal and gas prices have pushed prices up for consumers and businesses alike, but there could be a silver lining.
The coal-to-clean carbon price varies across regions, and the picture isn't"as rosy" in Asia compared to the European Union due to differences in market structure and fuel price mechanisms, Tao said.
Southeast Asian countries like Indonesia, Philippines and Vietnam still face a relatively high cost of transitioning directly to renewables from coal. According to Tao, these countries have traditionally lagged in the renewable energy transition due to fossil fuel subsidies for domestic producers of coal and gas.But beyond cost savings, renewable energy also helps"enhance energy security concerns," Tao said.
"That's going to mean that there's going to be limited upstream supply that's going to come online, and we are going to see increasingly tight gas markets and fossil fuel markets in general that will be prone to demand and supply shocks." On the other hand, fossil fuel infrastructures could face physical risks as a result of climate change and extreme-weather events, she added.
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