Significant economic growth in Asia has contributed to increased greenhouse gas emissions, with the region accounting for approximately 51% of global carbon emissions. A strong reliance on fossil fuels poses environmental challenges at both regional and national levels. Therefore, transitioning to cleaner energy sources and improving energy efficiency are essential steps toward decarbonisation and achieving a sustainable economic future.

To address these issues, the ASEAN Centre for Energy (ACE) through the ASEAN Climate Change and Energy Project (ACCEPT) and the Energy Studies Institute at the National University of Singapore (ESI) recently co-hosted a roundtable discussion titled “Decarbonising Asia: Energy Transformation” during the Singapore International Energy Week (SIEW) 2024 which was organised by Energy Market Authority (EMA) Singapore.  

This roundtable session brought together key stakeholders to discuss collaborative strategies for accelerating the region’s energy transition. The discussion included sharing best practices and successful decarbonisation models, addressing the unique challenges and opportunities across diverse energy landscapes, and fostering regional cooperation in technology transfer, knowledge sharing, and joint R&D for clean energy solutions. Additionally, the session explored innovative financing mechanisms and investment models for scaling up renewable energy and energy efficiency, while considering the social and economic dimensions crucial to a sustainable transition.

On this special occasion, Jonathan Goh, Director of External Relations of Energy Market Authority (EMA) delivered the opening remarks. Additionally, Beni Suryadi, Acting Executive Director of ACE, and Professor Poh Seng Lee, Executive Director of ESI also hared their welcoming remarks. 

The roundtable discussion began with two sessions of scene-setting presentations, delivered by Beni Suryadi, Acting Executive Director of ASEAN Centre for Energy (ACE) and Dr Zhong Sheng, Senior Research Fellow of ESI. These presentations provided an overview of Asia’s energy transition progress, including various energy transformation scenarios and developments related to the ASEAN Power Grid, setting the stage for the panel discussions. During his presentation, Beni Suryadi addressed the rising energy demand driven by ASEAN’s growing population. According to the 8th ASEAN Energy Outlook (AEO8), the industrial and transport sectors are projected to become the highest energy consumers, predominantly relying on coal and oil. An exponential increase in hydrogen utilisation within the transport sector was also highlighted, indicating progress in renewable energy adoption in ASEAN. He further introduced the Carbon Neutrality Scenario (CNS), a new regional scenario, developed by ACCEPT, in AEO8 to support regional commitments to reducing greenhouse gas emissions in the energy sector. Concluding his remarks, he emphasised the need for improvements on both the supply and demand sides of the energy sector, alongside accelerating regional cooperation to promote interconnectivity, robust policy development, and fostering international partnerships through multi-stakeholder engagement. The scene-setting presentations provided the audience with a comprehensive overview of regional energy trends and projections, preparing them for the subsequent panel discussions.  

The panel session comprises of two different topics. The first panel discussion entitled Charting a Diversified Renewable Energy Path was moderated by Nadhilah Shani, Senior Research Analyst of ACE. The panel discussed several scenarios of energy transformation in achieving low carbon energy system. Five panellists were featured in the panel, namely, Jen Tan, Head of Renewables for Singapore and Indonesia at Sembcorp Industries, Fransisco Gafaro, Team Lead Power Sector Transformation at Innovation and Technology Centre IRENA, Matthew Wittenstein, Section Chief of Energy Division at UNESCAP, Tolga Bayav, Commercial Director for Asia Pacific at Karpowership, and Dr Zhong Sheng, Senior Research Fellow at ESI. Several key points were addressed, including potential renewable energy mix in fulfilling increasing energy demand, the crucial aspect of grid modernisation and energy storage in improving renewable energy system, and potential role of nuclear and emerging fuels in the future energy mix.  

Following the first panel, it was recognised that substantial investment is essential to support the energy transition. Therefore, the second panel discussion, themed “Financing the Future: Innovative Solutions for Decarbonisation Investments,” moderated by Lin Suling, Senior Columnist at The Straits Times, explored potential pathways to secure sufficient investment for the region’s energy transformation. The panel featured insights from Jacqueline Lam, Regional Director for Asia at SEforALL; Jennifer Tay, Asia Pacific Infrastructure Leader at PwC; Jie Tang, Practice Manager for Energy and Extractives Global Practice at the World Bank; and Kelvin Wong, Managing Director and Global Head of Energy, Renewables, and Infrastructure at DBS. The panel discussed the crucial role of public-private partnerships in attracting private-sector investment for clean energy projects, delving into innovative financing approaches, and how to integrate just energy transition principles into climate finance to ensure inclusive and equitable access to financing, especially for vulnerable communities affected by the transition. The discussion also address the social and economic dimensions of decarbonisation investments, ensuring that climate finance benefits all sectors of society, and that no one is left behind

Looking ahead, the insights gathered from the cross-sectoral discussions serve as valuable input for policymakers in crafting more collaborative and innovative strategies to decarbonise Asia’s energy system. The panels highlighted the importance of robust policy development, strengthened international cooperation, public-private partnerships, and the critical role of finance. Integrating these elements is essential to ensure that Asia’s energy transition remains both sustainable and feasible. In line with these objectives, ACE, through ACCEPT, will continue to foster international collaborations, address regional energy needs, and promote sustainable practices that support the region’s vision for a low-carbon future.

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