February 12, 2025
Energy

IEA Urges Southeast Asia to Spend More on Energy Transition


Southeast Asia needs to significantly increase its investments in the energy transition, boosting the amount fivefold, the International Energy Agency has said.

In a new report titled “Southeast Asia’s role in the global energy system is set to grow strongly over next decade”, the IEA said that emissions in the region were on the rise and the reliance of countries in Southeast Asia on oil, gas, and coal strengthened the case for an accelerated transition.

This, however, would be challenging as demand for electricity in the region was set to expand at an annual rate of 4%, “with growing use of air conditioning amid more frequent heatwaves a big driver of increased electricity consumption.” The share of Southeast Asia in global energy demand is set to increase to 25% by 2035, the IEA also said, adding that eventually, by 2050, Southeast Asia would overtake Europe in terms of energy demand.

As a result of this strong demand growth, Southeast Asia’s carbon dioxide emissions are on course to expand by 35% between now and 2050. This is an unacceptable scenario for the International Energy Agency, so it is urging countries in the region to step up the expansion of things like wind and solar. These, the IEA said, could come to account for a third of new energy demand by 2035, along with geothermal and what the agency calls “modern bioenergy”.

“Southeast Asia is one of the most economically dynamic regions of the world and is set to account for a quarter of the growth in global energy demand over the next decade as its population, prosperity and industries expand,” IEA head Fatih Birol said.

“Countries in the region have a diverse mix of energy sources including highly competitive renewables. But clean energy technologies are not expanding quickly enough and the continued heavy reliance on fossil fuel imports is leaving countries highly exposed to future risks.”

By Irina Slav for Oilprice.com

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