USAID Clean Power Asia
Harnessing the power of renewable energy for a sustainable ASEAN
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The clear headline from the 35th ASEAN Ministers on Energy Meeting was that 2018 should be the year that Southeast Asian solar hits its stride, saying ASEAN calls for energy investment and that energy investors and policy officials must find new ways to meet the region’s monstrous energy needs.
Can banks justify financing new coal projects in Southeast Asia because developing countries are still dependent on fossil fuels for energy? This was the question at the center of debate at a sustainable finance event in Singapore recently. This comes at a time when the financial sector is under the spotlight for financing coal-fired power plants.
With an economy that’s rapidly growing, Vietnam is facing an increase in energy demand and is looking to coal to power its growing energy demands. As more and more countries are starting to ditch coal and move to greener or less-damaging resources such as natural gas or renewables such as solar power and wind, Vietnam is planning to increase its coal use in the coming years.
Vietnam has a significant challenge ahead: power its remarkable economic growth with less polluting and more affordable clean energy. The government recently committed to reduce its emissions up to 25 per cent from business-as-usual levels by 2030 by generating 18,000 MW of power from wind and solar.