ADB; ‘Significant potential in renewable energy manufacturing awaits Southeast Asia’
Citing a study from McKinsey & Co., the region has a $5t addressable market size for green businesses by 2030. Of which, there is an estimated $100b market for low carbon mobility and clean power sectors in Southeast Asia. The region should boost its production of solar PVs, e-motorcycles and batteries.
As decarbonization gains traction globally, there is immense potential in Southeast Asian nations to become viable global manufacturing hubs for renewable energy, according to a forum hosted by the Asian Development Bank (ADB).
The region should leverage its strengths on the production of solar photovoltaic (PV), electric motorcycles and batteries to help meet the growing demand for these renewable energy inputs and end-products, according to a presentation by Vaibhav Dua, a partner and leader of sustainability in Asia at McKinsey, during an ADB forum.
“Cooperation between an array of international and regional stakeholders is required to ensure that Southeast Asia secures its place as a global ‘center of gravity’ for renewable energy manufacturing, and to grow the overall aspiration for the region as a whole,” the summary read.