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Southeast Asia ramps up energy transition initiatives

Southeast Asia ramps up energy transition initiatives

03 Mar 2022

Southeast Asian countries are focusing on going the sustainable way via clean energy and a green economy, with specific strategies and actions to accelerate the energy transition, according to the ASEAN Centre for Energy (ACE).

In a report, the agency said that Thailand is taking steps to curb carbon emissions in its energy and transport sectors under its 2022 national energy plan, in order to return to a cleaner economy.

It noted that Thailand’s greenhouse gas emissions amounted to an average of 350 metric tonnes of carbon dioxide equivalent per year.

Meanwhile, the Philippines is focusing on earth-friendly energy, with one of its largest power retailers planning to tap nuclear, solar and wind energy to power its way to green energy transition.

Elsewhere in the region, Indonesia’s state-owned oil and natural gas firm, Pertamina plans to install rooftop solar power plants at its 5,000 gas stations.

Singapore is also looking to diversify its energy sources by exploring hydrogen and nuclear power for energy resilience and energy security, and to reduce its carbon footprint, said ACE.

The report highlighted that around 95 per cent of the republic’s electricity is generated through using natural gas, which carries serious risks.

In terms of the capital markets, Malaysia is ahead of its ASEAN peers in sustainable and responsible investing (SRI).

As of November last year, the country’s sukuk issuance stood at US$3.9 billion (US$1=RM4.18), or 56 per cent of ASEAN’s total SRI sukuk issuance.

“This significantly improves the implementation of environmental, social and governance strategies and practices amidst the evolving global finance and investment landscape”, the report said.

The ACE is an intergovernmental organisation within the ASEAN structure that represents the 10 member states’ interests in the energy sector.

Source: Bernama

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