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WEF: How ASEAN Can Seize Its Energy Opportunities

In a fast-evolving global landscape, ASEAN countries must seize the moment to accelerate the energy transition. This is critical to build a greener path for growth, while delivering on energy security and affordability, and meeting climate targets.

  • The ASEAN region is home some of the world's fastest growing economies, but this growth has been driven by soaring energy demand.

  • Countries now need to meet future energy demand in an affordable and secure way, while also reducing carbon emissions.

  • Policy and collaboration between stakeholders will be key to enable ASEAN make a green transition and help countries reach net zero.

The 10 ASEAN countries are home to about 650 million people and are some of the world’s fastest-growing economies. To power this growth, the region’s energy demand has over the last two decades increased on average by around 3% a year – to become the fourth largest in the world after China, the United States and India. In Vietnam alone, electricity demand is rising by around 8% a year – and that requires a rapid expansion of capacity.

The once slow but steady worldwide energy transition is now a rocky and uncertain global energy landscape for countries and companies to operate within. The global economic contraction in 2020 prompted by COVID-19 led to a reduction in global energy demand, carbon emissions and investments at an unprecedented scale, followed by an equally strong bounce in energy demand and emissions a year later.


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