The International Energy Agency (IEA) has appealed for efforts to boost renewable power and low emissions fuels in Southeast Asia.
The IEA has called for actions including from international financing in its latest Southeast Asia Energy Outlook 2022. It stated that "total energy investment would need to reach $190bn a year by 2030 to meet the region’s climate goals."
According to the report, "the region’s reliance on fossil fuels to meet rising demand for energy is proving to be a “significant vulnerability” in today’s energy crisis."
It stated that there is a need for “major efforts to improve energy efficiency, accelerate renewable power generation and switch to low emissions fuels” in the region. Only then, the region can meet energy security and emissions goals, it said.
According to the outlook, ASEAN’s members Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam are among the world’s fastest growing economies when it comes to renewable power.
The report also underscored the need for international support for innovation and infrastructures including facilities and renewable power generation and grids.
IEA executive director Fatih Birol was quoted, “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."