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Key Points
Brunei Darussalam has yet to make major progress in renewable energy and become an attractive destination for investors. Only 0.05% of Brunei’s electricity came from renewable energy sources, while 99.95% was based on fossil fuels [1]. In 2014, the country set a renewable energy target of 10% in the power generation mix by 2035 [2]. To reach the target, it needs to increase the share of renewables by 0.66% every year from 2020 to 2035. The country still needs to adopt a regulatory regime to scale up the development of renewable energy, particularly solar energy, which is more abundant than wind energy.
Taking this into account, we propose four actions to build the investment climate for renewable energy in Brunei Darussalam.
Action plan to attract investment in renewable energy in Brunei Darussalam
- Prioritise renewable energy in the governance system.If Brunei Darussalam seeks to attract more investment in renewable energy, it could start by prioritising renewables in the governance system.
- Adopt and implement key legislation. One of the immediate measures for Brunei Darussalam could be to decide on a policy path and opt either for feed-in tariffs to give financial security to renewable energy investments or auctions of long-term renewable energy supply contracts.
- Mobilise domestic investors. One way to do this could be via public–private partnerships.
- Improve market entry for foreign investors. Brunei Darussalam could improve its investment climate by initiating a dialogue with foreign and domestic investors on how to achieve its 10% target and potentially exceed it.
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