ASEAN renewable energy expansion accelerates

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The Association of Southeast Asian Nations (ASEAN) is experiencing rapid growth in renewable energy, with Thailand, Malaysia and Singapore playing key roles in the region’s transition towards sustainability, according to a new report.

Thailand’s solar and wind investments

Thailand has increased its solar and wind energy investment, aiming to generate 30% of its power from renewables by 2037. The country has introduced incentives to attract private sector participation, including feed-in tariffs and tax breaks. The Electricity Generating Authority of Thailand (EGAT) has also announced plans to upgrade grid infrastructure to accommodate greater renewable energy integration.

Malaysia’s push for green hydrogen

Malaysia is focusing on green hydrogen as part of its energy transition strategy. The government has outlined plans to develop hydrogen hubs, particularly in Sarawak, which has abundant hydropower resources. Petronas (Bursa: PETR) is leading efforts to commercialise hydrogen production, while the Energy Commission of Malaysia is reviewing regulations to support the sector’s expansion.

Singapore’s regional collaborations

Singapore is leveraging regional partnerships to enhance its renewable energy capacity. The city-state has signed agreements with Indonesia and Laos to import clean electricity under the ASEAN Power Grid initiative. Additionally, the Energy Market Authority (EMA) has launched incentives for solar panel installations on commercial and residential buildings. Singapore aims to derive 4% of its electricity from low-carbon imports by 2035.

ASEAN’s renewable energy sector is expected to continue its upward trajectory, driven by government policies, private investments and regional cooperation. According to the International Renewable Energy Agency (IRENA), renewable energy capacity in ASEAN grew by 10.5% in 2023, with further expansion anticipated in the coming years.

Sources: International Renewable Energy Agency, Electricity Generating Authority of Thailand, Energy Commission of Malaysia, Energy Market Authority of Singapore.

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