COVID-19 has killed more than 500,000 people worldwide, made millions more ill, and continues to wreak havoc. But as the saying goes – and without wishing to downplay this human tragedy in any way – it’s an ill wind that blows nobody any good.
With a rapidly growing economy, Vietnam is facing an increase in energy demand which is forecasted to grow 10 percent annually. The Vietnam Energy Outlook Report 2017 released by the Vietnamese government in collaboration with the Danish Energy Agency states that electricity demand is expected to grow eight percent annually until 2035.Vietnam’s economy is forecast to grow at a rate of between 6.5 and 7.5 percent per year from now until 2030 – resulting in additional demand for energy.
With the International Monetary Fund (IMF) expecting Vietnam’s economy to grow by 6.5 percent in 2019 and 2020, it is only natural that one of the region’s fastest growing countries is turning towards renewable energy to secure its energy needs.
Malaysia’s solar photovoltaics (PV) industry is on the rise thanks to strengthening government support, growing investor confidence and reducing costs.Already ASEAN’s biggest solar PV employers, Malaysia’s solar sector is well poised for more growth given the favourable conditions that are developing. Besides having relatively high irradiation levels, Malaysia already has an established solar manufacturing sector, although most of the solar equipment used is exported at present.“The
While ASEAN member countries race to seize market share amidst the renewable energy boom in the region, Indonesia - as the biggest energy user - does not seem to realise what its missing. Vietnam reached 5.5 gigawatt (GW) installed solar PV capacity in 2019 from only 134 megawatt (MW) in 2018. Thailand held the record both, for wind and solar capacity growth in 2018 before it was overtaken by Vietnam.
Today, there are over seven billion people living on the planet. As this number continues to grow, the need for water, food, land, and energy will also rise. The climate is one of the Earth’s fundamental life support systems which determines if the planet is habitable or not.
Southeast Asia is well on the way to achieving universal access to electricity by 2030. Millions of new consumers have gained access to electricity since 2000, yet some 45 million people in the region are still without it today and many more continue to rely on solid biomass as a cooking fuel.Demand for electricity in ASEAN has an average growth rate of six percent annually.
The gears of industry would not turn if not for power. In the modern world, we have come to depend on electricity generated from traditional fossil fuel resources like coal. However, amid a global awareness of the dangers of fossil fuels to our environment, we have since embarked on a paradigm shift towards renewable energy.As a region, Southeast Asia cannot be removed from this global upheaval.
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. A report published by global auditing firm KPMG titled ‘The Renewable Energy Transition’ noted that while there are still 70 million ASEAN citizens without access to reliable electricity, the potential for renewable energy is huge in those markets and governments are increasingly turning to solar and wind energy
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.