Hydropower development will likely deal a serious economic blow to Cambodia, with dire outlooks for its fisheries and rice outputs predicted even under best-case scenarios, according to key findings from the Mekong River Commission.
Renewable energy has been growing in the past years in the power sector around the world, contributing to energy system decarbonization, long-term energy security, and expansion of energy access to new energy consumers in the developing world. Therefore, many countries are committed to including renewable energy in their national energy plans.
The World Bank Group said during the One Planet Summit in Paris said that, as of 2019, it will no longer finance exploration for and production of oil and gas. The bank said that it will make exceptions on gas financing in the poorest countries where it benefits energy access.
With incentives and policies showing a palpable positive effect in renewable energy development, ASEAN countries are striking a balance between fine-tuning existing initiatives and new ones. Countries with a combination of incentives have experienced the greatest growth in renewable power.
Thai renewables developer Wind Energy Holdings Co. Ltd. has raised US$1.1 billion to finance five new onshore wind farms in what is billed as Southeast Asia’s biggest wind energy project yet in Thailand’s northeastern provinces of Nakhon Ratchasima and Chaiyaphum.
Across Southeast Asia, growing energy demand, strong wind and solar resources, and political support for development have made investing in renewable energy an attractive prospect. Ensuring those projects secure the necessary financing to enable that development remains a challenge.