How much renewable capacity will ASEAN have in 2024?

Meanwhile, the International Energy Agency’s Renewables 2024 forecasts 91 GW renewable capacity addition from 2024 to 2030, bringing ASEAN’s total capacity to 196 GW by 2030. The recently published ASEAN Energy Outlook 8 introduces two new scenarios.

What will ASEAN's Energy Future look like?

ASEAN’s power generation is expected to make a substantial shift towards renewable energy, particularly solar and wind, with the RAS and CNS leading this transition. Energy storage technologies, including Battery Energy Storage Systems, will play a critical role in stabilising the grid and supporting the ASEAN Power Grid.

Does ASEAN have a high energy demand?

2.2 Modelling Results: Baseline Scenario ASEAN has shown rapid growth in energy demand across all Member States and end-use sectors, particularly since 2005, reaching 375 million tonnes of oil equivalent (Mtoe) in 2017.9This trend is expected to continue until 2040, in conjunction with growth in the region’s GDP and population.

How can ASEAN reduce the cost of renewables?

ASEAN can significantly reduce the overall cost of renewables through global cooperation. This approach will enhance mutually beneficial relationships among countries with renewables potential, countries that own the technologies, those with market opportunities, and those equipped to build the renewable energy ecosystem.

Should ASEAN continue its energy transition?

If ASEAN continues its energy transition at the current pace, it risks missing out on the opportunities provided by the declining costs of wind and solar, now cheaper than fossil fuels. Between 2018 and 2022, 38 GW of renewable energy capacity was added, with about 44% coming from solar capacity growth in Viet Nam.

Will the ASEAN region add new electricity generation capacity?

In all four scenarios, the ASEAN region is projected to add significant new electricity generation capacity. As shown in Figure 61, from 2018 to 2025, the additions range from 168 to 179 GW, with the largest additions in the APS. This increase in capacity is needed to keep up with economic and population growth.