At the signing ceremony (Source: VNA)Hanoi (VNA) – The Association of SoutheastAsian Nations (ASEAN) and the International Renewable Energy Agency (IRENA) havesigned a memorandum of understanding (MoU) aiming to support the ASEAN’s goalof raising the share of renewable energy to 23 percent of all energy sources by2025.
The MoU was officially inked on October 30 in the frameworkof Singapore’sInternational Energy Week.
According to a press release from Singapore’s Ministry of Trade andIndustry, the MoU worked alongside an action plan to outline key areas ofcollaboration between the two sides, promoting the development of renewableenergy in ASEAN member nations.
IRENA General Director Adnan Z. Amin said Southeast Asia is adynamic and rapidly evolving region with strong economic growth, rising incomes,and growing populations – factors that will increase the regional demand forpower.
He noted that renewable energy will be the key to meeting the growing demandand ensuring energy security, while powering the inclusive and sustainableeconomic development of the region.
The partnership between ASEAN and IRENA brings political determination andtechnical knowledge to the region in order to unlock the vast potential of renewableenergy in Southeast Asia and deliver widespread benefits to communities acrossall ASEAN member states.
Meanwhile, ASEAN Secretary General Lim Jock Hoi said the MoU will allow thebloc’s member nations to not only learn from one another, but also benefit fromglobal best practices in the implementation of sound and successful renewableenergy policies.
“This will help ASEAN Member States transition to low carbongrowth and contribute to the attainment of sustainable development,” he stressed.
Based on IRENA analysis, ASEAN needs to invest an estimated 27 billion USD peryear, equivalent to one percent of the region’s GDP, for the next eight years –a tenfold increase on 2016 investment volumes, in order to lift the proportionof renewable energy to 23 percent of the region’s total energy sources by 2025.–VNA
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