This is due to the increasing threat of climate change.

PwC reported that major Asia-Pacific countries may invest up to US$250b in utility-scale solar and wind projects by 2025.

According to PwC, climate change has driven an increase in renewable energy (RE) investments among Asia-Pacific countries, with a total amount of US$114.8b RE investments in 2016. This accounts for almost half (47%) of the total RE investments worldwide.

It is easier to adopt RE since the cost of implementing and maintaining RE assets has been going down, with solar and wind RE technologies falling steadily in capital costs, PwC said.

Mark Rathbone, Asia Pacific Capital Projects and Infrastructure Leader, PwC Singapore, added: “Climate change and environmental damage is at the forefront of business leaders’ minds worldwide, coming in top ten in our most recent Global CEO survey. Coupling that with the reducing costs associated with RE, there is a strong economic case for RE both globally and in Asia-Pacific.”