Performance evaluations of the goal of APEC's doubling the modern renewables proportion in 2021

Abstract

APEC has collectively agreed to two energy-related goals. One aims to double the proportion of modern renewable energy (RE) in the energy mix by 2030 compared to 2010. This study intends to assess the performance of individual APEC members in five objectives. They are (1) the current renewables share of APEC, (2) the individual member's performance in the development of renewables, (3) the individual member's contribution to the APEC renewable goal, (4) the drivers of the growth of the renewable shares of APEC, and (5) if the goal would be achieved. For objective (2), we use the simple differencing method. For objectives (3)–(5), we employ the Log Mean Divisia Index method. Results show that Chile emerged as the top performer in increasing RE share in Solar and Wind, while Australia led in the total volume of modern renewables. The top two contributors are China and the USA, in that order. In terms of different renewables, Wind was the most significant contributor. Hydro was the second-largest contributor to APEC's renewable share increase until 2017. After 2017, Solar overtook Hydro to become the second-largest contributor. The result of a simple regression analysis suggests that the goal can be achieved by 2028.