ASEAN Turning to Renewable Energy Hub: KPMG Report

Each of ASEAN’s 10 members has set targets for renewable energy, and technological innovations such as better solar power efficiency and floating solar panels mean that renewable energy is now more accessible than ever before

January 02, 2020. By News Bureau

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While there are still 70 million ASEAN citizens without access to reliable electricity, the potential for renewable energy is huge in those markets and governments are increasingly turning to solar and wind energy to address the issue, a report published by global auditing firm KPMG titled ‘The Renewable Energy Transition’ noted.

Each of ASEAN’s 10 members have set targets for renewable energy, and technological innovations such as better solar power efficiency and floating solar panels means that renewable energy is now more accessible than ever before.

The World Bank, Asian Development Bank and Japan Bank for International Cooperation are leading the way in renewable energy investment in the region, which has helped to bring prices down. While prices have often been a key concern, falling costs and rising demand are now helping to push the industry forward.

Sharad Somani, Executive Director and Asia Pacific Head of Power & Utilities at KPMG said, “The price of renewable energy has dropped sharply over the past five years and is expected to reach the price of electrical energy within the next five years. Once that happens, there will be more investors.”

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