In late January 2018, US-based First Solar officially announced its return to Vietnam and the decision to build one more plant to double production capacity. The first plant, covering an area of 100,000 square meters, will become operational in the fourth quarter this year with the annual capacity of 1.2 GW. First Solar’s comeback after seven years of interruption was kicked off by the 40 percent growth rate of the solar panel market.
The 10 members of ASEAN are on track to make solar and other renewables account for 23% of the region’s total primary energy supply by 2025, but governments will need to create better policy and investment frameworks to make it happen, according to IRENA. Policies now in place throughout the region suggest that the share of renewables will likely jump to just below 17% by 2025, from under 10% in 2014.
Southeast Asia has abundant energy resources but is generally slow to diversify its energy mix to include renewable energy sources, according to IRENA. This is due in part to problems accessing adequate financing for such projects. ASEAN countries would need to invest up to US$290 billion in order to secure 23% of primary energy needs from renewable sources by 2025.
Globally, PV capacity will expand more over the next five years than any other renewable-energy technology, KPMG said in its latest report, Great expectations: Deal making in the renewable energy sector. KPMG expects solar to outpace other renewable technologies, due to “improvements in technology and lower costs relative to other types of renewables.”
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.
Scientists have observed that the electricity sector contributes to 35 percent of the carbon emissions in the U.S. every year. And as climate news piles up, there is a growing movement among ordinary people to do something. With the application of blockchain, the energy our homes use may soon be much cleaner and we may have more control over how our homes consume energy.