MANILA, Philippines – Renewable energy should be developed and harnessed in the next 10 years to meet East Asia’s energy needs until 2030, according to a World Bank report released on Monday.

According the report titled: Winds of Change: East Asia’s Sustainable Energy Future, significant increase in the gross domestic product (GDP) of countries in East Asia for the last 30 years had resulted in increased energy consumption.

East Asian countries included in the study are China, Indonesia, Malaysia, the Philippines, Thailand, and Vietnam. The report was based on each country’s growth forecast and power plan.

The report recommended that these countries should aim to stabilize greenhouse gas emissions, increase energy security, and improve their local environments. An $80 billion net additional investments in the energy sector per year is needed to attain this goal.

Further, the report stressed the need to promote energy efficiency and a shift from the fossil-based power sources to renewables. It recommends coal-dependent East Asia to deploy low-carbon technologies in the next 10 years to minimize carbon emissions by 2025.

“What is required is a paradigm shift to a new low-carbon development model with sustainable lifestyles,” said Jim Adams, World Bank Vice President for the East Asia & Pacific Region in a press statement.

Among the reports recommendations include the implementation of energy pricing reforms, regulations, and financial incentives that will provide a “level playing field” between fossil fuel and renewable energy investments.

For coal-based power, WB recommends the use of new clean technologies, smart urban planning, and substantial concessional financing from the international community.