ASEAN needs 29.4 trillion USD for energy transition to renewables
Indonesian Energy Minister Arifin Tasrif has said that ASEAN countries need accessible low-carbon technologies and low-interest financing from multiple sources to achieve their net-zero targets.
Jakarta (VNA) – Indonesian Energy Minister ArifinTasrif has said that ASEAN countries need accessible low-carbontechnologies and low-interest financing from multiple sources to achieve theirnet-zero targets.
Speaking at the ceremony that kicked off the country’s 2023 ASEANenergy chairmanship in Jakarta last week, Arifin said that according to a report by the International Renewable Energy Agency (IRENA),ASEAN will need 29.4 trillion USD up to 2050 for 100% renewable powergeneration.
That is why ASEAN needs financing from developed economiesand global financial institutions such as the Just Energy TransitionPartnership (JETP) and the Asia Zero Emission Community.
The bloc has set a goal to achieve 23% renewables share inits total primary energy supply and 35% in installed power capacity by 2025.Member states are also expected to achieve their nationally determinedcontributions by 2030, and eventually net zero emissions by 2050.
According to Arifin, Indonesia expects all ASEAN membercountries to declare their net zero emission targets at the 41st ministerialmeeting on energy in August this year.
He emphasised that their joint commitment will become thebuilding block for ASEAN's net zero emission roadmap.
The roadmap will serve as an action plan for a just,affordable, reliable, and sustainable energy transition that leaves no onebehind, following the social and economic conditions, as well as the prioritiesof the respective ASEAN countries, he added.
ASEAN now has 17,000 gigawatts of renewable energypotential. Some ASEAN members, including Indonesia, are blessed with abundantcritical minerals - a mainstay for clean energy technologies such as electricvehicles, Arifin said, adding that ASEAN needs joint efforts to build thedownstream industry in the ASEAN region./.
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Illustrative photo (Photo: aseanvietnam.vn)
