As per ASEAN, energy costs of up to USD 160 billion can be saved; in other words, two-thirds of energy demand can be met with renewables.
With renewable energy becoming the cheapest power option in much of Southeast Asia, ASEAN suggests that energy costs of countries can be reduced by as much as USD 160 billion by 2050. While not compromising on growing energy demand 75% of energy-related CO2 emissions can still be cut.
Despite having one of the youngest coal power plant fleets, ASEAN members have set themselves a challenging net-zero emission target. As per International Renewable Energy Agency (IRENA), it is seen that doubling renewable power would also have great business and investment opportunities.
IRENA’s Director-General Francesco La Camera said: “With its massive renewable potential, Southeast Asia stands at a historic crossroad between moving away from fossil fuels and towards a renewable energy transition that meets the region’s economic growth and rising energy demand. Coal retirement, coupled with renewables and regional grid interconnection, is an indispensable step to aligning with net-zero targets. Half of ASEAN members have signed up for international efforts to end coal in the power sector. Climate commitments require concerted and accelerated action, that must begin now to have a hope of success.”
Dr. Nuki Agya Utama, Executive Director of the ASEAN Centre for Energy (ACE) said: “Accelerating energy transition is crucial in order to meet climate goals and support the region’s economic growth. Guided by the ASEAN Plan of Action for Energy Cooperation (APAEC) Phase II, ASEAN is committed to achieve 23% renewables share in total primary energy supply (TPES) by 2025. Moreover, the regional blueprint includes the optimisation of clean coal technology as one of its programme areas. I believe IRENA’s Renewables Outlook for ASEAN will help chart pathways to a more sustainable, net-zero future for the region.”
