ASEAN energy transition pathway toward the 2030 agenda

Abstract

AbstractIt is known that ASEAN has been one of the most dynamic and fastest‐growing regions in the world in recent decades and will still be expected to contribute largely to global economic growth in the next decades. Not only facing a growing energy demand, but ASEAN also needs to balance its energy trilemma (energy security, energy equity, and energy sustainability). On the other hand, ASEAN countries also acknowledge the need for transitioning into a low‐carbon economy to contribute to the global agenda of sustainable development goals 2030. Considering all the challenges, we argue that a comprehensive review of the historical and outlook of the ASEAN energy landscape, as well as national and regional energy policies, is important to investigate the capability of ASEAN Member States (AMS) to accelerate energy transition while securing energy supply. ASEAN has been a net importer of oil since before 2005, with transport accounting for the largest share of oil demand. Measures in the transportation sector need to be taken by the AMS by enhancing their biofuels and electric vehicle developments. The electricity grid can also be more diversified with the integration of renewable energy, considering the region possesses the untapped potential for hydro and solar, among others. Public financing is required to create a supportive environment for the ASEAN energy transition pathway by opening up the path and catalyzing market participation from private businesses. This article aims to provide a novel contribution to assessing energy potential in the Southeast Asia region toward the 2030 global agenda.