Despite current fossil fuel dependency, Asia could shift towards renewable energy sources, exploiting diverse resources based on each country's environment.
over the next decade: leadership of Asia, the leadership of the business, and opportunities to make the planet much greener. The conference highlighted how Asia has led the world in technology, nature-based solutions, and smart cities, among other sectors. Regional development banks, such as the Asian Infrastructure Investment Bank and the Asian Development Bank, have greatly supported these efforts.
The Asian region is well on its way to a green transition, and it’s not just China and India that are progressing, with 8 member states of the Association of Southeast Asian Nations having committed to achieving net-zero carbon emissions by 2050, with Indonesia aiming for 2060. Only the Philippines is yet to commit to the pledge. ASEAN’s policies are increasingly favouring low-carbon energy sources, with its share of renewable energy reaching .
But there is a clear need for Asia to accelerate its shift to green if it hopes to support a global green transition. According to Bain & Company, Temasek, GenZero and Amazon Web Services’ Southeast Asia’s Green Economy 2023 : Cracking the Code, while many Southeast Asian governments have set climate targets, not enough action is being taken to meet these targets.
The speed and success of Asia’s green transition are key to the global accomplishment of the climate aims set out in the Paris Agreement. Although the region continues to rely heavily on fossil fuels to meet its energy needs, there is significant potential for the acceleration of a green transition through investment in Asia’s renewable energy capacity and the deployment of green technologies.
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