Renewable energy manufacturing can generate USD100 billion by 2030 in Southeast Asia

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The Asian Development Bank (ADB) announced that renewable energy manufacturing in Southeast Asia could generate sustainable revenue of $90 billion to $100 billion by 2030. This information was released in a new study conducted by the ADB, in collaboration with Bloomberg Philanthropies, ClimateWorks Foundation, and Sustainable Energy for All (SEforALL). The research also highlighted the potential consequences of a 30 percent loss in the region’s gross domestic product by 2050 due to rising global temperatures and extreme weather events.

Nonetheless, the report emphasized that investing in renewable energy manufacturing could enable Southeast Asian countries to create new employment opportunities, meet the growing energy demand, and significantly reduce emissions. Specifically, the study identified a revenue potential of $90 billion to $100 billion by 2030 and the creation of approximately 6 million renewable energy jobs by 2050 in the solar photovoltaic (PV) cells, battery, and electric two-wheeler industries.

The report outlined ambitious goals for Southeast Asia, including expanding solar PV manufacturing capacity from 70GW to 125 – 150GW by 2030, developing a regional battery manufacturing value chain, and increasing production to 140 – 180 gigawatt-hour (GWh) of battery cells by 2030. Additionally, the aim is to boost electric two-wheeler (E2W) assembly capacity in Southeast Asia from 1.4 million units to around 4 million units annually by 2030.

Furthermore, the report highlighted the potential for Southeast Asian nations to collaborate regionally, enhancing the competitiveness of their renewable energy industries and achieving net-zero targets. This could involve trade across the value chain, improving workforce quality and distribution, expanding demand markets through the ASEAN power grid, and harmonizing technical standards for E2W vehicles and charging stations.

ADB Sectors Group Director General and Group Chief Ramesh Subramaniam highlighted the importance of renewable energy manufacturing in transitioning away from coal-based energy, reducing carbon emissions, and promoting economic growth in the region.

Bloomberg Philanthropies Environment Program Head Antha Williams emphasized Southeast Asia’s potential to lead in renewable energy manufacturing, contributing to global renewable energy deployment and economic growth while mitigating climate change.

ClimateWorks Foundation President and Chief Executive Officer Helen Mountford emphasized the growth opportunities in the clean energy industry and the need for rapid scaling to achieve global carbon neutrality by 2050.

Chief Executive Officer and Special Representative of the UN Secretary-General for Sustainable Energy for All and UN-Energy Co-Chair Damilola Ogunbiyi highlighted the potential for Southeast Asian countries to increase GDP, create jobs, and decarbonize energy systems by expanding their renewable energy manufacturing capabilities.

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