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.