SE Asian Renewable energy sector lacking investors
It has emerged that over 50% of South-Eastern Asia is ‘unbankable’.
It was discussed during the Asia clean energy summit in Singapore that Asia has great potential to put renewable technology to good use. Citing a favourable climate for solar and wind project, the emerging economies in Asia are a prime location for capitalising on increasingly cheap energy technology.
Specifically, Vietnam published a clean energy strategy that was dubbed unbankable, and other countries foreign policy is stifling possible investment from other countries, due to protectionist stances. This is problematic in the face of growing energy demand (60% increase in 15 years), meaning that these emerging economies would benefit from utilising cheaper, more sustainable technologies.
However, it may not be policy or strategy that are the only roadblocks to the growth of clean energy in these countries. Experts cite that there is a distinct lack of innovation in the renewable sector. They call for more corporate involvement in rolling out renewables, as large corporate entities have the infrastructure and sway to affect this sector, i.e. Google and Apple’s growing investment in South-East Asia, and their commitment to renewable energy.
Therefore, South-East Asia would only benefit from more and more organisations investing in both the country and in renewable technology, and with internet investment alone set to grow to $200B, increasingly greater investment looks likely.