Southeast Asia is one of the most promising markets for solar development. Home to dozens of emerging economies with favourable political climates, Southeast Asia is bound to become a cornerstone of the renewable energy revolution.
This growth has doubled energy consumption in just over two decades, forcing many countries in the region to address the need to achieve energy independence from fossil fuels, energy security and energy efficiency.
Major economies, such as Thailand, Vietnam and Philippines have implemented several incentives to attract investments in the sector and develop renewable energy, especially solar.
Between 2006 and 2016, cumulative investment in renewable energy in Southeast Asia amounted to USD 27 billion and the 10-member Association of Southeast Asian Nations (ASEAN) has agreed on a 23% target for sustainable, modern renewables by 2025.
The transition to a fully renewable powered energy system is possible as shown by authoritative studies of autonomous universities.
Renewable power generation – mainly solar – will contribute 99% to the total electricity generation by 2050 as shown in the following figure:
Source: Energy Watch Group