- IRENA has entered into a MoU with ASEAN region to help the latter scale up renewable energy deployment, and to also encourage investments here
- According to IRENA, annual investments of $27 billion over the next 8 years will be required for the region to achieve its target of 23% renewable energy mix by 2025
- Scaling up renewable energy deployment will also lead to an increase in jobs from 600,000 now to over 2 million by 2030
- As per the MoU, IRENA will work closely with the ASEAN in terms of extensive knowledge sharing, using its various project facilitation platforms, among other measures to help the latter implement its renewable energy policy and regulatory frameworks
The International Renewable Energy Agency (IRENA) will work closely with the Association of Southeast Asian Nations (ASEAN) to support and scale up the deployment of and encourage investment in renewable energy in the region. To pledge its support, IRENA signed a memorandum of understanding (MoU) with ASEAN in Singapore on the sidelines of the Singapore International Energy Week (SIEW) on October 30, 2018.
The key broad focus areas under the MoU were termed as follows:
- Energy planning in the context of integration of high-shares of renewables to the ASEAN energy mix.
- Assessments and roadmaps for accelerated renewable energy deployment.
- Promote knowledge sharing among regional policy makers to implement enabling renewable energy policy and regulatory frameworks to capitalise on the social and economic benefits of scaled up RE deployment.
- Support the advancement of various renewable energy resources across ASEAN member states through detailed technology and innovation assessments and cost reduction potential analysis.
- Enable the development of bankable RE projects and support for project facilitation through IRENA’s various project facilitation platforms.
- Build capacity of policy makers, regulators, utilities and other key stakeholders in the region on various renewable energy topics through training and workshops.
ASEAN is working on a 23% renewable energy target for the region in its electricity mix by 2025. IRENA estimates annual investments of $27 billion over the next 8 years will be required for the region to achieve this target. All of Southeast Asia currently employs around 600,000 people in renewable energy jobs. Scaling up renewables deployment here could take the number to well over 2 million by 2030, according to the agency.
In a 2016 report ‘Renewable Energy Outlook for ASEAN’, IRENA and the ASEAN Centre for Energy (ACE) found that around half of the region’s renewable energy potential lies in power generation, especially in solar PV.
“Southeast Asia is a dynamic and rapidly evolving region with strong economic growth, rising incomes and growing populations, factors that will increase regional demand for power,” said Director-General of IRENA, Adnan Amin. “Renewables will be the key to addressing this growing demand and ensuring energy security, while powering the inclusive and sustainable economic development of the region.