(28 August 2023 – Indonesia) Bolstering South East Asia’s renewable energy manufacturing capacity would generate US$100 billion in revenue, new jobs and meet growing energy demand according to new research released by the Asian Development Bank (ADB).
While also drastically reducing emissions, expanding solar photovoltaic (PV) cells, battery, and electric two-wheeler vehicles presents an estimated A $100 billion revenue opportunity by 2030, with a potential six million renewable energy roles to be created by 2050. The findings are presented in the ADB’s new report Renewable Energy Manufacturing: Opportunities for Southeast Asia.
The SE Asian region could lose up to 30 percent of its gross domestic product (GDP) by 2050 due to climate change induced increases in global temperature and extreme weather events,
“As we often say in ADB, the battle against climate change will be won or lost in APAC. A decisive front in that battle is Southeast Asia” commented ADB Sectors Group Director General and Group Chief, Ramesh Subramaniam.
“This new research shows the promise of renewable energy manufacturing with policy, technical, and financing support in helping the region's developing countries to transition away from coal-based energy, while lowering carbon emissions, expanding local industrial capabilities, spurring job creation, and driving long-term economic growth” Subramaniam added.
“By growing their renewable energy manufacturing capabilities, Southeast Asian countries can increase GDP, create jobs, and decarbonize energy systems, contributing to both economic growth and climate progress. This report highlights how countries within the region can establish strong, local industries that will contribute to a prosperous and sustainable future” said CEO and Special Representative of the UN Secretary-General for Sustainable Energy for All and UN-Energy Co-Chair, Damilola Ogunbiyi.