ABARE said electricity demand in the Asia-Pacific Economic Cooperation (APEC) area was likely to surge in coming years.

The growth of iron and steel production across APEC would underpin an annual growth in energy consumption at 2.1% over the coming three decades, acccording to the report.

ABARE said much of APEC countries' current electricity and steel production was from "vintage" production facilities.

Upgrading these plants would not only save massive costs from much more efficient power and steel systems, but also help the environment by slashing demand for coal.

"Accelerated adoption in APEC of more advanced technologies could reduce growth in energy consumption in the electricity generation sector by 40% by 2030, and half the growth in energy consumption in the steel making sector," ABARE said.

"This could lead to energy savings of more than 500 million tonnes of oil equivalent in these industries by 2030."

Iron and steel production accounts for about 7% of total final energy consumption across APEC.

Between now and 2030, China and other low-income APEC nations were expected to account for more than half of the growth in electricity generation.

The report found with no change in technology, energy consumption for iron and steel was likely to produce 1.2 billion tonnes of carbon dioxide, an increase of 58.3%.

But if better technology was introduced, carbon dioxide production would rise by 34.4%.

And if the technology was rapidly introduced, the carbon dioxide increase would be limited to 27.8%.

The report also found that carbon dioxide production from total electricity generation would hit 10.8 billion tonnes by 2030 if there was no technologiccal change.

But if new technology was adopted quickly, carbon dioxide production would reach 9.1 billion tonnes, some 18% lower.

Most of the change would occur in the poorer APEC nations, according to the report.

Australia and other highly developed economies were unlikely to share in such a strong improvement in carbon dioxide reduction, as their steel production facilities were already of a high quality, ABARE said.

APEC includes the US, China, Russia, Japan, Canada, Indonesia, Australia and other Pacific Rim countries.