Southeast Asian countries can cut two thirds of their energy-related CO2 emissions by 2050 and save energy costs up to $160bn by investing in renewables, according to a new study released by the International Renewable Energy Agency (IRENA).
The 2nd edition of the Renewable Energy Outlook for ASEAN: Towards a regional energy transition, showed that ‘significant’ regional business and investment opportunities could be created by doubling renewable power in the region by 2030.
By continuing to develop renewables, electrification, and emerging technologies such as hydrogen and batteries, ASEAN members could meet net-zero emission targets and use clean energy to replace conventional coal power.
Stating that Southeast Asia stands at an ‘historic crossroad’ between moving away from fossil fuels and towards a renewable energy transition, Francesco La Camera, Director-General, IRENA, added, “Coal retirement, coupled with renewables and regional grid interconnection, is an indispensable step to aligning with net-zero targets.”
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