Energy Demand in Southeast Asia to Surge by 2050: Regional and International Cooperation Key to Transition
The 8th Singapore-International Energy Agency (IEA) Ministerial Forum, co-hosted by Singapore and the IEA, opened with remarks from key figures.
The lineup included Dr Tan See Leng, Minister for Manpower and Second Minister for Trade and Industry, Singapore; Dr Fatih Birol, Executive Director, IEA; The Hon. Chris Bowen, Minister for Climate Change and Energy, Australia; and H.E. Dr Andrew Light, Assistant Secretary of Energy for International Affairs, Department of Energy, United States.
Southeast Asia's energy growth and transition
"Energy demand in Southeast Asia is expected to grow by more than 60 percent by 2050, and this is in tandem with economic growth," shared Dr Tan.
Dr Birol added: "In the next 10 years, the Southeast Asia economy will continue to grow... it will be one of the top five major economic powers of the world.”
This robust energy demand growth necessitates a focused transition. Dr Tan underscored that "most ASEAN member states have committed to achieving net zero by 2060 or earlier". The newly inaugurated IEA Regional Cooperation Centre will accelerate these efforts, and will “help countries understand how pragmatic it would be to decarbonise while maintaining affordability, keeping costs in check, and at all times, managing security”, he added.
Strengthening international collaboration
International cooperation is pivotal to Southeast Asia's transition. H.E. Dr Light shared the US's early enthusiasm for establishing a regional hub, stating: "When the opportunity was first raised to have a regional centre here in Singapore... the United States immediately put up its hand and enthusiastically began lobbying".
Earlier in 2022, Singapore and the US formalised a partnership as part of the Net Zero World programme, bringing US energy expertise in areas such as regional transmission technologies to Southeast Asia.
Diversifying the energy mix with more renewables
The SunCable initiative exemplifies Southeast Asia's growing focus on renewable energy. Singapore's recent conditional approval to import 1.75 gigawatts (GW) of low carbon electricity from Australia will significantly enhance the country's renewable energy share, helping Singapore meet its 2050 net zero target.
"We support the ASEAN grid comprehensively and strategically as partners. If SunCable does proceed through its future hurdles, it will be connected to Singapore, and I see that as Australia participating in the ASEAN grid indirectly," said The Hon Chris Bowen, further reinforcing the region's commitment to diversified energy sources as part of its broad energy strategy.
The keynote speakers underscored the critical role of collaboration, both regionally and internationally, in driving Southeast Asia's energy transition. With initiatives like the IEA Regional Cooperation Centre and growing projects such as SunCable, Southeast Asia is positioning itself as a leader in the global energy transition.