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ASEAN Power Sector Aims To Achieve 50% RE Capacity By 2040

Business Today ·  Dec 21 18:45
ASEAN Energy Cooperation 1999-2025
ASEAN Energy Cooperation 1999-2025

The regional energy collaboration as outlined and coordinated by the ASEAN Plan of Action for Energy Cooperation (APAEC 1999-2025) has identified seven key areas including the latest addition of the civilian nuclear power programme, and is well on the path to achieving 50% renewable energy (RE) power capacity by 2040 in the ASEAN progressive scenario, according to the latest report co-edited by APAEC Drafting Committee (ADC), ASEAN Centre for Energy (ACE), ASEAN Secretariat and ASEAN Specialised Energy Bodies and Sub-sector Networks.

The APAEC 2016-2025 is the fourth and current APAEC extended over a longer period of 10 years. The implementation plan is divided in two (2) phases, namely, Phase I from 2016-2020 and Phase II from 2021-2025.

The APAEC Phase I 2016-2020 focused on the short- to medium-term strategies to achieve energy security, accessibility, affordability and sustainability for All. Meanwhile, the APAEC Phase II 2021-2025 is the continuation of Phase I with higher aspirational targets and new initiatives to enhance energy transition and resilience towards a sustainable future. Notably, the Phase II takes into account the impact of COVID-19 pandemic and its recovery plans, recent global economic and energy trends, cross-cutting issues such as climate change and
decarbonisation, energy investment and financing projects, inclusion of private sectors through business forum activities, new and emerging energy technologies, and digitalisation in the energy sector.

Concerning RE goals and objectives, the results will be viewed in two perspectives namely the ASEAN APAEC progressive scenario (APS) and the ASEAN member states target scenario (ATS). The APS assumes that regional targets as per the APAEC 2016-2025 are reached. On the other hand, the ATS assumes that the most recent renewable energy and energy efficiency targets of member states are reached.

According to a graphical presentation embedded in the report, the power sector plays a significant role in stimulating the share of renewable energy (RE) in the region, including biomass, wind, solar, geothermal, and hydro power. By 2025, the share of RE in installed power capacity will be 33% in the ATS and 48% in the APS. The RE share in installed capacity is dominated by hydro, followed by solar power in the ATS. Solar will more than triple its installed capacity in the APS, and the shares in installed capacity will increase to nearly 20% of total capacity.

By 2040, the share of RE in installed capacity will surpass one-third of the total capacity in ATS and will account for almost 50% of the total power capacity in APS. In ATS, RE capacity is led by hydro but hydro and solar are nearly at par in APS.

Meanwhile, the seven key areas of energy collaboration include regional power grid for electricity trading, region-wide gas pipeline to develop a common gas market, regional energy policy and planning to accelerate transition, clean coal technology to lower carbon emission, energy efficiency and conservation especially in transport and industry sectors, increased renewable energy capacity to 23% by 2025, and lastly, civilian nuclear energy (CNE) for power generation, which is the latest key area added during the third APAEC 2010-2015 to facilitate information exchange and capacity building in nuclear energy.

According to a Bernama report dated Dec 21, the Malaysian Nuclear Agency (Nuklear Malaysia) is ready to join other ASEAN member states to advance nuclear research and development (R&D) and nuclear safety in the region as Malaysia assumes the ASEAN Chairmanship in 2025.

Director General of the agency Dr Rosli Darmawan said Malaysia will play host to the 8th Annual Conference of ASEAN Network on Nuclear Power Safety Research for the first time since its first meeting held in 2017. He added that the 2025 meeting will discuss the achievement and implementation of programmes, in addition to identifying the energy needs of member states.

The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
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