Hanoi (VNA) – Southeast Asian nations need tomore than double their annual investment on renewables to accelerate energytransition and to meet climate goals, according to a report released recently by theInternational Renewable Energy Agency (IRENA).
The report said that in the long term, average annualinvestment of 210 billion USD was needed on renewable energy and energy efficiencyand to support technologies and infrastructure in the period to 2050 to limit aglobal temperature rise to 1.5 degrees Celsius.
The investment is more than two and a half times the amountcurrently planned by Southeast Asian governments to reach their goals, IRENAsaid.
By investing more in renewables, IRENA said countries can reduce their energycosts and avoid as much as 1.5 trillion USD of costs related to health andenvironmental damage from fossil fuels up to 2050.
Southeast Asia is home to 25% of the world's geothermalgeneration capacity, but the region also has major coal reserves. Indonesia, the region'sbiggest economy, is the world's top exporter of thermal coal.
Coal retirement, coupled with renewables and regional grid interconnection, isan indispensable step to aligning with net-zero targets, IRENA Director-General Francesco La Camera said.
IRENA is an intergovernmental organisation that supports countries in theirtransition to a sustainable energy future, and serves as the principal platformfor international cooperation, a centre of excellence, and a repository ofpolicy, technology, resource and financial knowledge on renewable energy./.
The report said that in the long term, average annualinvestment of 210 billion USD was needed on renewable energy and energy efficiencyand to support technologies and infrastructure in the period to 2050 to limit aglobal temperature rise to 1.5 degrees Celsius.
The investment is more than two and a half times the amountcurrently planned by Southeast Asian governments to reach their goals, IRENAsaid.
By investing more in renewables, IRENA said countries can reduce their energycosts and avoid as much as 1.5 trillion USD of costs related to health andenvironmental damage from fossil fuels up to 2050.
Southeast Asia is home to 25% of the world's geothermalgeneration capacity, but the region also has major coal reserves. Indonesia, the region'sbiggest economy, is the world's top exporter of thermal coal.
Coal retirement, coupled with renewables and regional grid interconnection, isan indispensable step to aligning with net-zero targets, IRENA Director-General Francesco La Camera said.
IRENA is an intergovernmental organisation that supports countries in theirtransition to a sustainable energy future, and serves as the principal platformfor international cooperation, a centre of excellence, and a repository ofpolicy, technology, resource and financial knowledge on renewable energy./.
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