On 27 September 2024, the ASEAN Centre for Energy (ACE) proudly launched publicly the 8^th edition of ASEAN Energy Outlook (AEO8) during the 24^th ASEAN Energy Business Forum (AEBF-24) in conjunction with the 42^nd ASEAN Energy Ministerial Meeting (AMEM) in Vientiane, Lao PDR. This flagship report provides crucial insights into current energy historical trends and future forecasts until 2050, serving as a vital resource for understanding the energy landscape to support energy policy and planning across the region.

The launch event brought together key stakeholders from the energy sector, including government representatives, industry leaders, academia, civil society, and youth, all committed to fostering sustainable energy development in the region. This event was not only attended by representatives from the ASEAN region but also those from other regions, highlighting the global relevance of the AEO8 and emphasising the shared interest in sustainable energy solutions.

Photo 1. (left-right) Opening Remarks by Beni Suryadi, Acting Executive Director of ACE, Santisouk Phimphachanh, Alternate SOE Leader of Lao PDR, Director General, Ministry of Energy and Mines, Lao PDR, Jonathan Goh, SOE Leader of Singapore, Director of External Relations, Energy Market Authority, Singapore

As the room buzzed with excitement and anticipation, Jonathan Goh, Senior Official on Energy (SOE) Leader of Singapore, Director of External Relations, Energy Market Authority, Singapore, commenced the event by delivering a warm welcome, highlighting the crucial role of AEO8 as one of the key references for setting up the next cycle of the ASEAN Plan of Action for Energy Cooperation (APAEC) and establishing pathways to achieve regional energy targets. Followed by Santisouk Phimphachanh, Alternate SOE Leaderof Lao PDR, Director General, Ministry of Energy and Mines, Lao PDR, who recognised this fundamental report to enhance energy security and promote a sustainable energy future as part of Lao PDR’s Chairmanship’ Energy Priority Deliverables. The last opening remark was delivered by Beni Suryadi, Acting Executive Director of ACE, who emphasised that AEO8 is “the only official energy outlook in the region” that can serve as a valuable resource for all member states and dialogue partners to promote collaboration within the region and beyond.

Photo 2. Scene Setting Presentation by Rika Safrina, Team Leader of AEO8

In setting the scene for the discussion, Rika Safrina, Team Lead of AEO8, introduced the report findings, which showed that ASEAN is projected to exceed the regional target of 35% renewable energy in installed capacity by 2025, reaching a share of 39.6% the same year. Moreover, the outlook also revealed critical new findings and analysis on energy employment and financing as “energy is a multi-sectoral issue”. Around 6 million jobs are estimated to be created in the 2040-2050 period following the carbon neutrality targets, while the region will face 3.2 million job losses due to fossil fuel plants decommissioning. Moreover, transitioning to greener electricity production options necessitates higher investment costs, while the external costs associated with fossil fuel power generation are also substantial.

Photo 3. Panel Discussion

As the core of the event, the panel discussion featured a diverse lineup of experts across regions who shared their insights on the implications of the AEO8 findings. The session was moderated by Dr Zulfikar Yurnaidi, Head Department of Energy Modelling and Policy Planning from ACE, who guided the conversation toward critical themes such as energy security, investment in renewable technologies, and the importance of regional collaboration. The panel included high-level panellists: Gauri Singh, Deputy-Director General, International Renewable Energy Agency (IRENA); Prof. Jun Arima, Senior Policy Fellow for Energy and Environment, Economic Research Institute for ASEAN and East Asia (ERIA); Jacqueline Lam, Regional Director of Sustainable Energy for All (SEforALL); and Rika Safrina.

Photo 4. (left-right) AEO8 Supporting Partners, Aldilla Noor Rakhiemah from the ASEAN Climate Change and Energy Project (ACCEPT II), MK Balaji from USAID, Dana Throssell from the Australian Government through Partnerships for Infrastructure (P4i), and Han Wei from Energy Foundation China

As the event concluded, ACE expressed heartfelt gratitude to ASEAN Member States (AMS) and partners, including the Ministry of Economy, Trade and Industry (METI) Japan, the ASEAN Climate Change and Energy Project (ACCEPT) II, the USAID Southeast Asia Smart Power Program (SPP), the Australian Government through Partnerships for Infrastructure (P4I), and the Energy Foundation China, for their invaluable contributions to the report’s development.

The successful launch of AEO8 marks a significant milestone for ASEAN and its partners, setting the stage for future endeavours and signifies a new chapter in regional collaboration on energy matters. ACE looks forward to leveraging the insights from AEO8 to enhance regional and global partnerships, driving progress toward a resilient energy landscape for all.

For more information on the AEO8 and to access the full report, please visit go.aseanenergy.org/AEO8.