What is the appropriate response to the threat of climate change? To some climate activists, it means we must give up on economic growth, capitalism or even industrial society itself. This extreme viewpoint, if correct, would require modern humanity to abandon much of what makes life comfortable and secure. It also causes many on the political right – and some in the centre – to suspect climate activism of being merely an excuse to end capitalism.

Estimates by the International Renewable Energy Association (IRENA) and the ASEAN Centre for Energy (ACE) indicate that US$290 billion of total investment in renewable energy capacity will be necessary to attain the regional aspirational target of 23 percent primary energy from renewable energy by 2025. Hence, renewable energy investment would need to be substantially scaled up to an estimated US$27 billion annually.

Over the past decade, renewable energy investments in Southeast Asia have been fluctuating substantially, mainly influenced by the completion of large-scale projects and changes in the overall policy landscape. According to the International Renewable Energy Agency (IRENA), nearly US$27 billion was cumulatively invested in the region between 2006 and 2016. Thailand attracted the bulk of this sum, with upwards of US$10 billion, representing 40 percent of the total investment.

Coal power is set to soar as the region’s energy demands are expected to multiply in the coming years. According to a report released by the International Energy Agency (IEA) in October last year, Southeast Asia’s energy demands are forecasted to grow as much as 60 percent by 2040.This increase in energy demand is led by a growing population. Higher incomes in the region also means consumers are buying more electric appliances and increasing their consumption of electricity.

With a rapidly growing economy, Vietnam is facing an increase in energy demand. According to Vietnamese power company, Electricity of Vietnam, energy demand in the country is forecasted to grow 10% annually. Accounting for a significant chunk of the demand for energy is the demand for electricity.

The oil and gas industry has seen turbulent times over the last 10 years, with the 2008 financial crisis as a turning point for the industry as a whole. Oil prices peaked at US$145 per barrel during that period, declining by more than 70 percent by the end of the year to US$40 per barrel.

Job creation has always been an important priority for governments in the region, and with an estimated 68 million new workers entering ASEAN’s labour force by 2025, it will remain a priority in the coming years. One segment which is likely to see the generation of new potential job opportunities is renewable energy.According to estimates by the International Renewable Energy Agency (IRENA), as of 2016, renewable energy accounted for 611,000 jobs in Southeast Asia.

Members of the Association of Southeast Asian Nations (ASEAN) are currently faced with a development dilemma. On the one hand, most of its economies are still developing and will need to sustain immense growth rates – upwards of five percent – in the long run to maintain their current pace of progress.This points towards a spiralling increase in energy demand to undergird development in the region.

Brunei is blessed with an abundance of fossil fuel deposits that has propelled its economy to prosperity. This high-income nation is now looking to diversify its economy to reduce over-dependence on oil and gas exports for national income.Last October, Bruneian Minister of Energy and Industry, Mohammad Yasmin Umar, reiterated his country’s commitment towards ensuring sustainable energy development during the United Nations Climate Change Conference in Bonn, Germany.

The renewable energy sector in Southeast Asia has progressed in leaps and bounds. From the harnessing of biomass to the use of water in generating electricity, there is room for tremendous economic growth as well as the obvious positive of caring for an ailing environment. However, one has to ask the question; are the mechanisms put in place for the harnessing of these resources safe for the trifecta that is air, land, and water?