Investments for the development of clean energy technology in Southeast Asia have dipped by over 50 percent, slowing down the region’s efforts to meet its 2030 net-zero carbon emissions ambition, according to a report. | MegINQ /PDI
“Southeast Asian governments need to focus first on proven solutions to balance rising energy demand while reducing carbon emissions. The everything, everywhere all at once mantra is not going to get the job done nor build the clarity needed to scale investment and impact,” said Dale Hardcastle, global head of carbon markets at the Singapore-based Bain & Co.
Such is the case for the Philippines, which still sources more than 50 percent of its electricity requirements from coal-fired power plants. Renewable energy accounts for only 21 percent of the country’s energy mix—far from the government’s goal of increasing this to 35 percent by 2030. While 40 percent of Southeast Asian countries have published long-term policy strategy documents, the report pointed out that most still lacked actionable implementation details.
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