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Powering Asean Sustainably & Combating Climate Change

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Powering Asean Sustainably & Combating Climate Change GREEN PUBLICATION 1.0 JULY 2020 POWERING ASEAN SUSTAINABLY & COMBATING CLIMATE CHANGE CONTENT 03 Foreword 05 47 Tackling Climate Change Brunei in ASEAN Overview of Renewable Energy 06 Development in Brunei Darussalam What is Climate Change & 48 Greenhouse Gas Emissions Cambodia Sunshine and Power Cuts, Cambodia’s 07 Potential in Renewable Energy Latest Developments 68 Across ASEAN: 51 Vietnam Malaysia Indonesia Vietnam says RIP to FiTs: The Birth 08 I. Malaysia’s Crusade in Tackling of Auction Pricing for Solar Power Battery-Powered Electric Vehicles to Purchasing Agreements Greenhouse Gases from Promote Green Energy in Indonesia Electricity Generation 11 II. Moving Towards a Green and Sustainably Powered Nation 54 74 11 SECTION ONE: ASEAN Malaysia’s Journey in Laos Growing Case for Green Finance Renewable Energy Towards the Goal of Becoming the Battery of Southeast Asia Opportunities in ASEAN 14 SECTION TWO: Accelerating the Growth in Renewable Energy Generation 58 78 25 SECTION THREE: Opportunities in Green Increasing Trends in Myanmar Energy Sector in ASEAN Responsible Investment Powering Myanmar with 28 SECTION FOUR: Renewable Energy: The Role of Roadmap for Renewable Energy Solar in Myanmar’s Energy Mix and - Are we headed in the right Opportunities for the Future 79 direction? Glossary of 26 SECTION FIVE: Renewable Energy is the Key to 61 Abbreviations Sustainability and in Combating Climate Change Philippines 30 III. Energy Efficiency - 80 Where Less is More 61 Special guidelines for Green Bonds issued by the Philippine SEC Contact Us 35 IV. Realising Malaysia’s Potential for Leadership in Sustainable Development and Smart Cities 63 New Green Deals: Omnibus Guidelines Passed in the Philippines 81 39 V. Green Financing Gaining Momentum in Malaysia Contributors 43 VI. The Securities Commission’s 66 Roadmap to Sustainable and Responsible Investment Thailand 82 46 VII. Overview of Tax Incentives for The potential of Renewable Energy Green Projects in Malaysia in Thailand List of References FOREWORD fading away over northern Italy. Similar sustainable use, reported that the progress situations were observed in Spain and the in accelerating the transition is due to UK. Emissions of the planet-heating gas the rapid cost reductions of solar PV and CO2 have also fallen sharply. wind (including offshore) and how key enabling technologies such as batteries While all the reductions in API and and electric vehicles are experiencing emissions is great news, the reason such rapid reductions in costs, and how green reductions was achieved is not welcomed hydrogen is viewed as a potential game Wong Kee Hooi at all and we certainly hope to be just a changer. However, the growth momentum Partner temporary phenomenon. What we want is for the green sector may be hindered Head, Projects & Infrastructure to live in a world where such reduction in with the recent COVID-19 outbreak Zaid Ibrahim & Co. API and emissions is permanent and is a and the oil price being lower than pre- (a member of ZICO Law) result of the fact that we have managed COVID-19. Electricity consumption will our environment well and did all we could be less efficient with cheaper energy to mitigate the rise of climate change. available as people would be less Nowadays, we wake up to a bluer sky motivated to save energy through projects and less pollution – not because we have The International Renewable Energy like retrofitting homes and offices. succeeded in addressing climate change Agency (“IRENA”) has reported that and pollution issues but because of energy-related CO2 emissions have risen As noted by the International Energy COVID-19, a powerful virus strain, which by 1% per year over the past decade. While Agency (“IEA”), large-scale investment to has grounded the global economy to a halt. there may be reduced emission in 2020 boost the development, deployment and due to the drastic reduction of activities integration of clean energy technologies The COVID-19 outbreak has changed our across the globe, the question is whether – such as solar, wind, hydrogen, batteries lives and shaped the world that we live in the carbon and pollutant emissions will and carbon capture (CCUS) – should be forever! We rejoice in the fact that the air “bounce back” and restore the emission a central part of governments’ plans that we breathe in is fresher and cleaner trends pre-COVID 19 when the pandemic because it will bring the twin benefits of these days. It is hardly surprising that eventually subsides? Could the changes we stimulating economies and accelerating emissions of a variety of gases related to see today have a more persistent effect? clean energy transitions. The progress energy and transport have been reduced this will achieve in transforming given the astonishing shutdown of Renewable energy (“RE”) was on its countries’ energy infrastructure would economic activity and a drastic reduction way to be the next preferred source of not be temporary – it can make a lasting in the use of fossil fuels as a result of the energy for ASEAN countries with growing difference to our future.1 pandemic. The Environment and Water environmental consciousness particularly Minister, Tuan Ibrahim Tuan Man, is among the younger generation. ASEAN Climate threats are increasing and cannot reported as saying that the Air Pollutant has pledged to increase the component be ignored. The environment change is Index (“API”) levels dropped 14% to record of RE in the ASEAN energy mix to 23% changing the world we live in. We must a “clean index” while 28% of 29 automatic by 2025, up from 9% in 2014. All of correct the course as we plan our exit water monitoring stations’ readings ASEAN have set targets to increase the strategies from the movement control showed a real time improvement in water renewable energy generation and reduce order and economic recovery. First, we quality during the Movement Control Order their carbon emissions with Malaysia must tackle climate change head on. (MCO) during the period from 18 March committed to increase its RE to 20% by According to a RE think-tank, directing 2020 to 14 April 2020. The improved API 2025. These targets are becoming more stimulus dollars to renewable energy reading has been attributed to a drastic achievable with declining production costs investments not only could help tackle reduction in emissions from vehicles, and technological innovations such as global climate emergency but spur massive industrial stacks and open burning. better solar power efficiency and floating economic gains post-COVID-19 for decades Compared with this time last year, BBC solar panels. With increasing public to come. IRENA says that it will cost the has reported that levels of pollution in awareness of sustainable energy and global economy USD95 trillion to help New York have reduced by nearly 50% willingness to pay higher rates for clean return things to normal. Investing USD110 because of measures to contain the virus. energy, ASEAN member states are being trillion in renewables could, on the other In China, emissions fell 25% at the start of motivated and encouraged to invest more hand, potentially spur an even more robust the year as people were instructed to state funds into RE projects. economic recovery from COVID-19 by stay at home, factories shuttered and coal creating massive socioeconomic gains as use fell by 40% at China’s six largest power Prior to the pandemic, the energy sector well as generate savings of USD50-USD142 plants since the last quarter of 2019. The was progressing well in transitioning trillion by 2050. proportion of days with “good quality air” into clean energy with wide adoption of was up 11.4% compared with the same policies embracing renewables and related Beyond 2050 and over the long-term, time last year in 337 cities across China, technologies for sustainability seen across the IRENA report identifies investments according to its Ministry of Ecology and all countries. IRENA, an organisation in “five key pillars of decarbonisation”, Environment. In Europe, satellite images dedicated to promoting global adoption namely electrification, renewable energy show nitrogen dioxide (NO2) emissions of renewable energy and facilitating generation, system flexibility, green 3 hydrogen, and innovation - as being renewable energy as well as the adoption of formulating stimulus and recovery necessary for the achievement of a near- and integration of energy efficiency in packages because of COVID-19, they or zero-carbon global economy.2 To enable the daily lives and decision making of should not lose sight of their focus of the global energy transformation, all businesses to avert future adverse transitioning the world to a low or zero- renewable energy and energy efficiency socioeconomic impacts and risks which carbon economy and renewables are have been identified as the two key the changing climate may cause. Our crucial to achieve that. The current solutions. offices in Indonesia, Philippines, Thailand, COVID-19 pandemic could either increase Laos, Myanmar, Vietnam, Cambodia and the gap or accelerate our aspiration of IRENA’s Director-General, Francesco Brunei are highlighting the regulatory meeting the target of having 20% RE La Camera said that COVID-19 has “... updates in the RE sector and what they capacity by 2025 in Malaysia and increase exposed deeply embedded vulnerabilities see as trends related to green energy in the component of RE in the ASEAN of the current system…” notably the fossil their respective jurisdictions. energy mix to 23% by 2025. Much of this fuel sector which is finding itself in dire will depend on how the government will straits due to an epic collapse in demand To ensure that we can live sustainably and respond in terms of the stimulus to be amid a global lockdown. Francesco has preserve this mother earth for our future rolled out.
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