ASEAN renewables: opportunities and challenges
As the world contends with a slowdown in global economic activity, inflation and heightened geopolitical tensions, it is increasingly important to address energy security issues. For the fourth and final report, shift focus the ASEAN region. Countries in the ASEAN region are amongst the most affected globally by climate change, with substantial socio-economic impacts experienced over the last two decades. The ASEAN region's economies also experienced high economic and demographic growth, with rapid urbanisation, industrialisation and a continuing rise in energy demand. Yet, renewable power development in the region is lagging from inadequate policy and investment frameworks. Regulatory barriers, incumbent interests and inflexible commercial arrangements have enabled the continued prioritisation of fossil generation over renewables. Despite falling costs around the world for renewable technologies, solar and wind project costs remain elevated in Southeast Asia due to lack of deployment scale and underdevelopment of supply chains. In this report examine how a rapid scale up in investment in renewable power is required for ASEAN countries to meet sustainability goals and we identify priorities for decision makers to help unlock investment in renewable power, with a focus on attracting lower cost capital from international investors.