With so much talk about oil and gas prices at the moment, let’s take a look at Southeast Asia (SEA) Energy outlook.
The region’s energy demand will rise 60% by 2040, or 12% of the global rise.
Electricity demand is expected to increase 4% every year until 2040, twice that of the global average. Currently, electricity is only 16% of SEA’s total energy usage. This is set to rise as the region sees increased demand for cooling and other electronics associated with higher incomes.
❗ SEA ENERGY FACTS ❗ ❌ Relies heavily on fossil fuel (Oil, Gas & Coal) ➡️ Vietnam: 84% ➡️ Singapore: 98% ➡️ Thailand: 79% ➡️ Malaysia: 67% ➡️ Indonesia 76% ➡️ The Philippines: 66% ❗ WHAT’S NEXT? ❗ ➡️ Currently renewable energy meets only around 15% of the region’s energy demand. ➡️ SEA policy makers have intensified their efforts to ensure a secure, affordable and more sustainable pathway for the energy sector. ✅ Vietnam: Has become a renewable-energy leader in SEA, thanks to a mix of favourable tariffs and tax incentives. ✅ Singapore: Focused on stimulating renewable energy investments by financing innovations. ✅ Malaysia: Aiming for renewables to make up over 30% of its demand by 2025. ✅ Indonesia: Wants to see renewable energy make up over 50% of its energy. ✅ Under the ETM, the Asian Development Bank will assist Indonesia, the Philippines, and Vietnam in accelerating coal-fired power plants’ retirement and supporting green energy.
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