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ESG and Sustainability
In the face of inflation and rising energy costs, how is ASEAN finding the balance between accelerating to sustainability and short-term tradeoffs? What can the region do to overcome the cost of raw materials, land capacity limits?
Making renewables more mainstream
More tailoring of individual projects, better public-private coordination and greater consistency in government policies are essential ingredients to take the development of renewable energy to the next level in Southeast Asia
This is according to several speakers at the ۶Ƶ OneASEAN Conference in June 2022.
“There is a no single solution. Instead, projects need to be customised for countries and regions,” said Simon Bell, CEO of Quantum Power Asia. “For example, hydropower makes more sense than solar in some parts of Indonesia, and vice versa.” The key is to view opportunities from a specific and targeted point of view.
Perhaps even more important, he added, is the need for consistency across the policy framework from governments that are not only implementable, but also actually get implemented.
At the same time, countries should start to think not only about decarbonisation in their own borders, but across the whole region. “This requires a cross-border transmission network. Then everyone can use it,” said Yuichiro Yoi, Unit Head in Indonesia, Infrastructure Finance, Asian Development Bank.
In line with this, he highlighted the energy transition mechanism (ETM) as a concept that could revolutionise how Asia gets decarbonised. “It aims to expedite the requirement of existing coal-fired power plants, so is a direct and proactive emission-reduction process.” The challenge he added, is to design the programme so relevant stakeholders want to buy into the ETM.
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