ASEAN Country’ Breakdowns of Low-Cost Solar Energy Potential, Successes & Challenges

The estimated population of the ASEAN (Association of Southeast Asian Nations) region in 2023 was approximately 683.29 million (India and China are not part of ASEAN). Clean low-cost Solar energy is the answer for survival.

Australia: A Green Energy Powerhouse

Australia, with its sun-drenched landscapes, has emerged as a green energy champion. Here are some compelling statistics:

Investment Opportunities: For Australian and regional investors, the allure of low-emissions and sustainable technology is undeniable. By 2030, an estimated A$4 trillion in green investment is expected, and this figure could soar to A$15 trillion by 2050.

Solar PV Capacity: Australia boasts a substantial solar photovoltaic (PV) capacity. The transition toward renewable energy is driving enormous growth, making solar investments a lucrative prospect.

India: A Solar Power Revolution

India has emerged as a global solar powerhouse with ambitious renewable energy goals.

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Installed Capacity: India currently ranks fourth globally in solar power capacity. Over the last five years, its installed solar capacity has surged from 21,651 MW to 70,096 MW in 2023.

Government Initiatives: The Production Linked Incentive (PLI) scheme aims to boost domestic solar manufacturing. Additionally, the Solar Park Scheme establishes solar hubs to attract investments and achieve economies of scale.

Investment: India received over $14.9 billion in Foreign Direct Investments (FDI) for renewable energy between April 2000 and June 2023.

Malaysia: Solar Rising in the Tropics

Malaysia is actively investing in solar energy. Key highlights include:

Solar Potential: Malaysia benefits from high levels of direct sunlight year-round, making it an ideal location for solar projects.

Solar Growth: Solar energy accounted for 0.7% of total power consumption in 2021, but this share is expected to increase steadily.

Opportunities: The government encourages rural electrification through distributed energy systems, where solar plays a crucial role. Microgrids are gaining traction, ensuring clean energy access for local communities.

Indonesia: Scaling Up Solar

Indonesia aims to transition to renewable energy swiftly. Here’s what you need to know:

Solar Potential: Indonesia enjoys abundant sunlight, making it a prime candidate for solar energy. The country targets substantial solar PV capacity by 2030.

Challenges: Indonesia faces challenges in scaling up solar production due to its geography (17,000+ islands) and lack of domestic demand. However, opportunities lie in exporting solar products and learning from successful regional peers.

Investment: The country plans to install 264.6 GW of solar capacity by 2050, contributing to its decarbonization initiatives.

Philippines: Solar on the Rise

The Philippines is actively investing in solar energy:

Growing Popularity: Solar energy made up 0.7% of total power consumption in 2021 and is expected to increase its overall share. The country’s high accessibility to solar and ambitious renewable energy targets drive this growth.

Rural Electrification: Microgrids incorporating solar power are crucial for providing clean energy access to the country’s 7,500+ islands.

Investment: The Philippines is expected to receive $11.9 billion in wind and solar investments by 2030.

Vietnam is making strides in solar energy:

Installed Capacity: Vietnam boasts 18.5 GW of installed solar capacity, demonstrating significant growth3.

Renewable Mix: Hydro, geothermal, wind, and solar contribute to the country’s renewable energy mix. Solar is gaining ground, especially in rural areas.

Singapore: Importing Renewable Energy

Singapore, although small, plays a strategic role:

Energy Import: Singapore’s Energy Market Authority plans to import renewable energy, creating potential demand for solar PV production in neighboring countries like Indonesia.