Southeast Asia can develop solar energy in the short term to promote energy transformation

Among the existing renewable energy technologies, solar energy is the best choice in terms of power generation potential and cost. To meet the rapidly growing energy needs of Southeast Asian countries while promoting energy transformation, countries can deploy solar energy as a short-term decarbonization strategy and invest in wind energy and hydropower in the medium and long term.

The Asia Sustainable Infrastructure Advisory Panel, established by Singapore, released its first report on promoting sustainable infrastructure construction in Southeast Asian and South Asian countries on Thursday (October 26). The advisory group is led by Minister in the Prime Minister's Office and Second Minister of Finance and National Development Indranee Chan, and includes representatives from academia and business at home and abroad.

When it comes to guiding the decarbonization of the energy sector, the advisory group believes that regional governments need a broad strategy to achieve a low-carbon future, with different timetables based on the maturity and market applicability of the technology.

The report mentioned that countries can use existing technologies, coupled with innovative business and financing models, to accelerate energy transition. Of all the proven technologies, solar energy is the most viable in terms of power generation potential and cost.

In Southeast Asia, solar energy has the potential to produce 15,603 gigawatts of electricity by 2021, which is more than 10 times that of second-place offshore wind energy. The average cost of power generation has also dropped by 88% between 2010 and 2021.

"Deployment of solar energy can be used as a near-term decarbonization strategy, with other higher-investment energy projects such as wind and hydropower planned for the medium term," the report said. "Currently, the region utilizes large utility-scale solar plants and smart solar grids to decarbonize A sustainable way to meet energy needs while providing power to remote areas not connected to the grid.”

In addition to the energy transition, the report also covers waste and water management to achieve the goal of building a circular economy, and how to secure private sector funding for sustainable infrastructure projects.