APEC ENERGY OVERVIEW 2023 APEC ENERGY OVERVIEW 2023 Disclaimer The views and opinions expressed in this publication belong solely to the authors. The expert group on energy data and analysis focal points and energy working group members of the respective economies were consulted to ensure the veracity of the information within. APEC ENERGY OVERVIEW 2023 Prepared by Asia Pacific Energy Research Centre (APERC) Inui Bldg.-Kachidoki 11F, 1-13-1 Kachidoki, Chuo-ku, Tokyo 104-0054, JAPAN Tel: +81 (3) 5144-8551 Fax: +81 (3) 5144-8555 E-mail: overview@aperc.or.jp APERC Website: https://aperc.or.jp For Asia-Pacific Economic Cooperation Secretariat 35 Heng Mui Keng Terrace Singapore 119616 Tel: (65) 68919 600 Fax: (65) 68919 690 Email: info@apec.org Website: www.apec.org © 2023 APEC Secretariat APEC#223-RE-01.6 APEC ENERGY OVERVIEW 2023 Foreword The APEC Energy Overview (the Overview) is an annual publication that highlights the current energy situation in each of the 21 APEC economies. It has been the pioneer publication for APERC that showcases the latest APEC energy data compiled by the Expert Group on Energy Data and Analysis (EGEDA) since its first publication in January 2001. The Overview relies on EGEDA data to monitor progress toward meeting the two APEC energy goals, namely: 1. Energy intensity improvement of 45% by 2035 (relative to 2005) 2. Doubling the renewable energy share in the APEC energy mix by 2030 (relative to 2010) By 2020, APEC-wide energy intensity had improved by 26%, leaving a 19% improvement needed to meet the 2035 goal. The recent 8th edition of the APEC Energy Demand and Supply Outlook forecasts that APEC will meet this goal in both the Reference and Carbon Neutrality scenarios of that report. Progress has also been made in doubling the share of modern renewables. Modern renewables in the energy demand mix have increased by 57% at the halfway point to the 2030 goal. Renewables in the energy supply mix have increased at a slightly slower pace, having increased by 53%, while the share of renewable generation has increased by 59%. This edition of the Overview includes data to 2020, and so begins to shed light on the extent of the energy impact of the COVID-19 pandemic. One of the highlights of such a tumultuous year was that the growth of solar and wind remained strong posting the highest annual increases ever recorded. One of the highlights of such a tumultuous year was that the growth of solar and wind remained strong posting the highest annual increases ever recorded. Many other trends, issues, policies, initiatives, and notable developments are discussed in each of the economy chapters. The basis of this report was the EGEDA data that each member economy submits on an annual basis. We thank EGEDA members for their continued support in providing us with these data. We also encourage APEC member economies and other stakeholders to make use of this publicly available resource to continue to develop, implement, refine, and analyse energy policy, alongside other energy related analyses. Kazutomo Irie, PhD President Asia Pacific Energy Research Centre (APERC) Glen Sweetnam Chairman Expert Group on Energy Data and Analysis (EGEDA) i APEC ENERGY OVERVIEW 2023 Acknowledgments We would like to thank APEC member economies for the timely data information provided to ensure the accuracy and timeliness of this report. We would also like to thank members of the APEC Energy Working Group (EWG), APEC Expert Group on Energy Data and Analysis (EGEDA), and numerous government officials, for their helpful information and comments. The APEC Energy Overview 2023 could not have been accomplished without the contributions of many individuals and organisations in APEC. We would like to thank all those whose efforts made this publication possible. Economy Chapters: Mathew HORNE (Australia); Nabih MATUSSIN (Brunei Darussalam); Christopher James DOLEMAN (Canada and Singapore); Ario JATI (Indonesia); Risa PANCHO (Japan); Zhichao LI (China); Jeongdu KIM (Korea); Asmayati Bt Ab MANAN (Malaysia and Hong Kong, China); Emily MEDINA (Mexico); Finbar Barton MAUNSELL (New Zealand and Papua New Guinea); Manuel Antonio HEREDIA MUNOZ (Peru and Chile); Elvira Torres GELINDON (the Philippines); Alexander IZHBULDIN (Russia); Yu-Hsuan WU (Chinese Taipei); Thanan MARUKATAT and Phawida JONGSUWANWATTANA (Thailand); Glen SWEETNAM and David Michael WOGAN (United States); Quoc Huy PHUNG (Viet Nam). We would also like to thank in par