SouthEast Asia must boost energy efficiency amid growing reliance on fossil fuels: IEA
Southeast Asian countries must find energy efficient solutions as demand is set to grow by around 3 percent a year to 2030, raising the CO2 emissions to 35 percent from 2020 levels, said the International Energy Agency in a new report on Tuesday.
The agency said that three-quarters of that increased demand will be met by fossil fuels; adding that without a strong policy action, the region’s net oil import bill, which previously was US $50 billion in 2020, will increase quickly if today’s commodities prices live through.
“Southeast Asia is an emerging heavyweight of global energy, and the speed of its economic development makes it even more essential that the region’s governments hasten efforts to transition to sustainable energy and that they get the international support they need to do so,” said IEA Executive Director Fatih Birol in a statement.
The agency said that the countries must make a total energy investment of up to US $190 billion a year by 2030 to meet the climate goals they have set. This is an increase from the US $70 billion a year between 2016 and 2020.
“ASEAN members could reduce financing costs and attract private investors by signalling their clear commitment to deploy low-carbon energy and by improving regulatory and financing frameworks,” said the agency in a statement,
The report discussed the states of Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Viet Nam.
These countries have previously announced ambitious goals to reach carbon neutrality and halt the reliance on coal-fired power.
KEEPING THE ENERGY INDUSTRY CONNECTED
Subscribe to our newsletter and get the best of Energy Connects directly to your inbox each week.
By subscribing, you agree to the processing of your personal data by dmg events as described in the Privacy Policy.
More renewables news

Austria Plans Funding Help to Encourage More Geothermal Drilling

China’s Megacity Shanghai Invests in Nation’s Fusion Energy Push

Germany’s Power Market Bailed Out by Gas Plants as Wind Plunges

IEA Chief Calls for Japan to Restart Dormant Nuclear Plants

China’s Envoy Sees Climate Fight Advancing Even Without US

EON Joins With Denmark’s ARC to Bid for Carbon Capture Project

BYD Sales Top Tesla as Tech Focus Wins Over Chinese Drivers

Masdar to expand Endesa partnership in €368 million renewable energy deal

Tariff Pain Brings Hope of Eventual Gain for Canada’s Green Sectors
