Southeast Asian nations have signed a Memorandum of Understanding with a renewable energy organisation to accelerate the region’s transition to a low carbon energy system.
The Association of Southeast Asian Nations (ASEAN), which includes Myanmar, Thailand and Vietnam, hopes the collaboration with the International Renewable Energy Agency (IRENA) will result in the region’s renewable energy potential being more effectively harnessed.
The groups say clean power in the region can bring lower overall costs, contribute to greener cities and support a more secure and robust energy supply.
Solar energy alone has the potential to grow 30-fold from 2GW to almost 60GW.
Biomass in the region could save $40 billion (£29.9bn) by reducing fossil fuel expenditure by 2025.
IRENA Director-General Adnan Z. Amin said: “Increasing investment in renewable energy across Southeast Asia’s growing populations will have significant social and economic benefits across the region, liberating them from expensive fossil fuel imports, while boosting economic growth, supporting energy security, job creation and national resilience.”