A recent report revealed that Thailand’s energy consumption domain is expected to touch a prominent landmark with its share of renewable energy accounting for 37% in the total energy consumption index by 2036. The report, published by the International Renewable Energy Agency (IRENA) and the Ministry of Thailand, combines methodologies propagated by the Renewable Readiness Assessments (RRA) and REmap.
Course of Action to Up Energy Game
Thailand aims to improve its energy security and reduce the annual cost of energy systems by a margin of USD 1.2 billion by 2036. The country aims to achieve this target by expanding the share of renewables in the total energy mix, and elevating it to 37%. This would be coupled with a reduction in the import of fossil fuels which is anticipated to counter environmental externalities and health-related costs, thus, saving an additional USD 8 billion annually. The report outlines various energy sources such as solar, wind, and bioenergy that could be employed towards power generation, transportation, and thermal uses.
Economic Prosperity Ahead for Thailand
Thailand is forecasted to witness heavy energy demand owing to its escalating population and diminishing reserves of oil and gas. The cruising economy of the country is expected to skyrocket the energy demand growth to 80%, thus, re-emphasizing the energy sector’s relevance. Dexterous efforts to propel the renewable sources of energy could make palpable contributions to the economic growth of the country by creating employment opportunities, lowering costs, and making a sound energy base. The report touches important grounds towards renewable uses such as solar photovoltaic (PV), wind power, biomass, electric vehicles, and solar thermal technologies.