A report by the International Energy Agency (IEA) shows that while Vietnam will remain the largest renewable energy market in the Southeast Asian region, the Philippines is seen to have the highest growth rate.
The IEA predicted in its Southeast Asia Energy Outlook 2004 that the Philippines would have a 3.7-percent growth rate from 2022 to 2030, followed by Indonesia at 3.6 percent and Thailand at 1.9 percent.
The IEA outlook provides a thorough examination of Southeast Asia’s energy markets, energy security and climate ambitions, exploring the challenges and opportunities for the region in clean energy transitions.
It cited the Philippine government’s move of a 35-percent share of renewable energy in the generation mix by 2030.
It said the Green Energy Auction Program and renewable portfolio standards are the main policy tools to achieve the 35-percent RE share target. The Philippines aims to increase the share of RE to 50 percent by 2040.
The report said the Philippines’ allowing foreign ownership of renewable energy assets would encourage international investments.
“Increasing investments in grid infrastructure and streamlining permitting would allow the Philippines to accelerate renewables deployment,” the report said.
The IEA said its analysis suggests that Southeast Asia would double in its renewable capacity by 2030.
“In Southeast Asia, full implementation of planned capacity additions would see renewables capacity increase from about 110 gigawatts in 2022 to 225 GW by 2030,” it said.
The report said almost a third of the planned additions are in Vietnam, followed by 27 percent in Indonesia and 18 percent in the Philippines.
“Solar PV would surpass hydropower to become the largest renewable technology [in capacity terms] in the region, driven by low costs and increasingly robust policy frameworks,” the report said.
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