COVID-19 vs ASEAN Energy Sector: Renewables (Q3)

Key Points

• While uncertainty still remains on how the economy will pick up, things start back to normal. Lockdowns and quarantines have eased up in the third quarter of 2020 as most of the countries adapted the new normal protocols and were able to put the case in control. Now countries begin to shift away from ‘wait and see’ measures and start putting plan and strategies in place for the recovery, with renewable energy playing a key role.
• Entering the third quarter of 2020, renewable energy sector seems to show a quite resiliency during the pandemic, compared to other energy sectors such as oil & gas and electricity. Although there was a significant push back during Q1 and Q2 according to our analysis in previous COVID-19 insights, the renewable sector in the region gears up fast as shown in several outstanding progress across the ASEAN Member States. Nevertheless, the long-term perspective of green recovery is still there, of which renewable energy would play a crucial role.
• Resiliency is shown by ASEAN RE projects in the second half of 2020 despite the lingering trace of the pandemic in the energy sector. While the idea of ‘build back better’ is echoed by most countries in the region, its optimal implementation remains uncertain. However, ASEAN Member States keep focusing on putting efforts to invite investment on renewables and begin resuming the work that was halted, aiming for the long-term green recovery ahead. Renewable is expected to make strong come-back when the economy rebounds.