ASEAN Aims To Scale Up Renewables Investment, Deployment

ASEAN Aims To Scale Up Renewables Investment, Deployment

ASEAN signed on 30 October a partnership agreement with the
International Renewable Energy Agency (IRENA) to work for increased
investment and deployment of renewable energy across Southeast Asia.

ASEAN has a goal to have 23 percent of its primary energy coming from
renewable sources by 2025. According to IRENA analysis, achieving this
target would need an estimated annual investment of US$27 billion in
renewables—equal to 1 percent of the region’s gross domestic product
(GDP)—over the next eight years, 10 times higher than the investment in
2016.

Under the partnership agreement, ASEAN Energy Ministers and IRENA will
work closely in energy planning; promote knowledge sharing; support the
advancement of various renewable energy resources; and enable the
development of bankable renewable projects and support for projects
through IRENA’s various project facilitation platforms.

Employment in renewable energy in ASEAN is currently around 600,000
jobs, while boosting green energy investments and deployment in the
region has the potential to create more than two million jobs by 2030,
IRENA has estimated.

According to the renewable energy agency, around half of ASEAN’s
renewable energy potential lies in power generation, especially in solar
photovoltaic (PV) that could grow from 2 GW to almost 60 GW. The vast
biomass potential in the region could also help advance end-use sectors,
such as transport, buildings, and industry, bringing ASEAN savings of up
to US$40 billion by 2025 from reduced expenditure on fossil fuels.

“Southeast Asia is a dynamic and rapidly evolving region with strong
economic growth, rising incomes and growing populations, factors that will
increase regional demand for power,” IRENA’s Director-General Adnan Z.
Amin said in a statement. “Renewables will be the key to addressing this
growing demand and ensuring energy security, while powering the
inclusive and sustainable economic development of the region.”

“Transitioning our energy systems to renewable energy and supporting
sustainable development are top priorities for ASEAN member states and
for the people of our nations,” ASEAN Secretary-General Dato Lim Jock
Hoi said.

“This will help ASEAN Member States transition to low carbon growth and
contribute to the attainment of sustainable development.”