Ever since Myanmar undertook a series of political, economic and administrative reforms in 2011, the country’s economy has steadily improved. According to data from the Asian Development Bank (ADB), Myanmar is enjoying some of the highest growth rates in the region.
Technological innovations and favourable government policies are among the four trends expected to drive Southeast Asia’s transition to renewable energy in the coming years.
Southeast Asia is a growing region with countries here averaging growth rates of 5.1 percent. This situation has rightly prompted a rise in energy demand within the region.
Similar to many other growing Southeast Asian countries, Thailand is facing an increase in energy demand. According to the ASEAN Centre for Energy (ACE), energy demand in Southeast Asia in 2040 is expected to increase between 110- to 130 percent.
The Association of Southeast Asian Nations (ASEAN) has set an ambitious target of securing 23 percent of its primary energy from renewable sources by 2025 as energy demand in the region is expected to grow by 50 percent.
In the past decade Asia has emerged as a booming market for nuclear energy. According to the World Nuclear Association, over half of the world’s nuclear plants under construction are in Asia.
As Southeast Asia becomes one of the fastest developing regions in the world, concerns over its energy security is fast growing. Southeast Asia has a combined population of over 600 million people and an economy worth nearly US$3 trillion.