In its recent report entitled “Powering ASEAN’s Energy Transition” issued on August 24, the EU-ASEAN Business Council calls the ASEAN governments to solve the problem of overdependence on fossil fuels, especially coal, for their growing energy demand. Presently, about 80% of the energy mix in the region origin from polluting sources of fossil fuels. An energy transition mechanism can support ASEAN in a way that it combines public and private finances to phase out coal-fired power plants and increasingly invest in renewable energy.
The Council also urges ASEAN to establish a region-wide green finance taxonomy and promote de-risking instruments to support the development of sustainable finance mechanisms. Furthermore, ASEAN countries should eliminate fossil fuel subsidies as well.
Sources & further information: “EU-ASEAN Business Council calls for faster action on energy transition in Southeast Asia” at https://vietnamnews.vn and “EU-ASEAN Business Council Faster Action On Energy Transition In ASEAN” at https://www.eu-asean.eu, accessed on 1 September 2021.