Following the previous article exploring the overall renewable energy supply and the available supply in the market in East Asia , this article will discuss the renewable energy market demand and supply outlook.
Renewable energy market demand and forecast
Companies are under three sources of pressure to use green electricity:
- Legislative requirements of government agencies and the Renewable Portfolio Standard (RPS) policies in various countries that require the obligated entities to reach a certain percentage of renewable energy use within a certain period of time, such as South Korea’s RPS policy and Taiwan’s “major electricity consumer clause.”
- Supply chain management. The most famous example is Apple's announcement last year that its supply chain needed to achieve the goal of 100% renewable electricity by 2030.
- Implicit requirements of customers and the corporate image. While some enterprises are not subject to mandatory requirements for the use of renewable electricity, they use it voluntarily due to concerns of their customers and the improvement of the corporate image.