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El Niño Threatens APAC Renewable Energy Production

An increase in extreme weather caused by the 2023 El Niño could have a significant impact on renewable energy production across Asia Pacific (APAC) countries, warned WTW’s latest ‘Natural Catastrophe Review’. Catastrophes in H1 2023 include the monsoon flooding and landslides in Malaysia in March and Cyclone Gabrielle in New Zealand. The report outlines “key perils which need to be monitored”, as well as why natural catastrophes turn into disasters, providing insights on what to watch for in H2 2023. By understanding the factors contributing to natural disasters, the industry will be better able to implement mitigating solutions to ensure a more continuous, reliable and cost-effective supply of renewable energy, the report said. Sam Liu, Head of Renewable Energy, Asia, at WTW, said: “Developers must carefully plan and factor the worst-case scenarios into their risk model to ensure new projects are commercially viable going forward. There are also innovative insurance tools available, such as parametric solutions that can provide revenue protection caused by low output due to extreme weather patterns. An El Niño event is when the atmosphere absorbs more heat while the ocean absorbs less, prompting global surface temperature increases.”

 

 

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