Rising Energy Demand in Northeast Asia

Under the OECD’s Environmental Outlook Baseline, global demand for energy is projected to increase by 80 percent between 2010 and 2050.

Northeast Asia – dominated by China, Japan, and South Korea – is currently the world’s third-largest energy-consuming region, but by 2030 its primary energy consumption is projected to exceed that of both North America and Europe. While more modest economic growth is anticipated between 2030 and 2050, as it becomes richer China will still need more energy to run, among others, homes, offices, cars, and factories. By 2035, China’s projected energy consumption will be 68 percent higher than U.S. energy consumption, with the International Energy Agency (IEA) forecasting that energy consumption will likely reach 4.5-5 btce in 2020 and rise further to 6.5 btce by 2050. South Korea’s total energy consumption – the world’s ninth-largest energy consumer in 2014 ‒ is projected to increase from 10.8 quadrillion BTU in 2010 to 15.9 in 2040.

Energy demand is projected to slow in Japan due to a maturing economy and declining population; although it is still anticipated to grow marginally from 22.1 quadrillion BTU in 2010 to 22.2 quadrillion BTU in 2040.

Sangsoo Lee in Eppen. Read the full article here.