On 27 September 2024, the ASEAN Centre for Energy (ACE) held a launching report of ASEAN Energy Investment 2024 (AEI 2024). The event took place at the ASEAN Energy Business Forum 2024 in Lao PDR, a high-level platform for information exchange and cooperation opportunities for the stakeholders of the ASEAN energy from the region and beyond, adorned with exhibitions highlighting the region’s rich energy potential. 

The report was developed in collaboration with key partner, Energy Foundation China, providing an in-depth analysis of the current investment landscape of the energy sector in the region and offering key recommendations to accelerate private, public, and foreign investments in support of a long-term energy transition vision. Additionally, this report serves as a critical reference for driving collaboration and investment in sustainable energy solutions across the region. The highlight of the event was undoubtedly the unveiling of the AEI 2024 report, designed to facilitate knowledge sharing among experts and stakeholders as the 2025 regional targets for energy transition rapidly approach.  

The launch featured keynote speeches from notable figures, including Han Wei, Director of International Cooperation, Energy Foundation China, who emphasised the urgency of addressing the importance of investment in the renewable energy sectors, stating, “Investing in renewable energy provides a path to address the challenges of energy demand, escalate economic growth, and promote sustainable development.” Followed by Dr Zulfikar Yurnaidi, Head of the Energy Modelling and Policy Planning (MPP) Department at ACE, highlighted the investment opportunities within the region, stating ASEAN “has shown notable progress in the issuance of green bonds within the capital markets.”  

In setting the scene for the discussion, Rika Safrina, Senior Analyst of MPP at ACE, presented the report findings, where ASEAN’s renewable energy sector is growing as the cost of energy of solar and wind are rapidly falling solar and wind cost energy, allowing them to compete with coal. Moreover, ASEAN is the global leader in the production of critical materials, such as nickel, copper, and cobalt, in ASEAN which are essential components in many of today’s rapidly growing clean energy technologies. However, the region needs to address the investment gap to align with carbon neutrality targets, as fossil fuel subsidies distort clean energy markets.  

Panel discussions featured industry experts who provided insights into the region’s energy investment landscape, tackling topics such as the integration of renewable technologies, the role of public-private partnerships, and innovative financing models. The panel includes Siti Safinah, CEO of MyPower Corporations, Malaysia; Dr Sun Xiansheng, Chairman of International Society for Energy Transition Studies (ISETS); Guo Zixuan, Senior Engineer, Research Fellow, Energy Connectivity, Lancang – Mekong Energy & Power Cooperation Research Center, China Southern Grid; Benjamin Li, Market Insight Manager, LONGi APAC; and Rika Safrina, Senior Analyst, ACE. One key takeaway was the necessity for ASEAN nations to collaborate in addressing regulatory challenges and ensuring a conducive investment environment. Panellists stressed the importance of collaboration between ASEAN Member States to harmonise policies and share best practices.  

The AEI 2024 report will undoubtedly serve as a valuable resource for ASEAN looking to navigate the complexities of energy investment and contribute to the region’s carbon neutrality pathways. As nations come together to invest in cleaner, more efficient energy solutions, the promise of a resilient and prosperous ASEAN grows brighter. With collaboration, innovation, and investment at the forefront, the future of energy in Southeast Asia looks promising.  

For more information on the ASEAN Energy Investment 2024 and to access the full report, please visit https://aseanenergy.org/publications/asean-energy-investment-2024/.