News and Updates

The Asia Clean Energy Summit (ACES) 2024, held from October 22-24 at Marina Bay Sands, Singapore, was a key part of Singapore International Energy Week (SIEW) 2024. This prominent summit brought together regional and global leaders to take stock of efforts to date and explore the next frontiers in clean energy. As Southeast Asia continues to play a pivotal role in the global energy transition, the summit serves as an essential platform each October to discuss innovative technologies, critical partnerships, and the collaborative efforts required to unlock human and financial capital to create a just energy transition for the citizens of Southeast Asia. Here’s my recap of some of the key trends and takeaways from the three-day event. 

Regional Collaboration: The Cornerstone of Southeast Asia’s Energy Transition 

One key takeaway from ACES 2024 was the emphasis on regional collaboration as a fundamental driver of Southeast Asia’s clean energy transition. Speakers consistently highlighted the importance of cross-border cooperation to overcome the region's energy challenges, particularly in terms of infrastructure, policy, and grid integration. Experts called for an acceleration of efforts to strengthen an ASEAN-wide energy grid to enable the sharing of renewable energy resources between countries, allowing for greater energy security and enhanced access to clean power. This vision of a connected energy network will be crucial in advancing the region’s transition to sustainable energy sources. 

At the summit, the International Energy Agency (IEA) inaugurated a new regional office in Singapore, marking a significant milestone in its engagement with the Asia-Pacific region. This strategic move by IEA reflects the growing recognition of Southeast Asia’s pivotal role in the global energy transition. The new IEA office aims to deepen collaboration with regional stakeholders to address pressing energy challenges, including clean energy adoption, grid modernization, and energy efficiency improvements. With a focus on supporting regional efforts to decarbonize and ensure energy security, the IEA seeks to leverage its expertise and partnerships to accelerate the shift towards a cleaner, more sustainable energy future. IEA’s presence in Singapore is a welcome and important milestone and will help to bolster the region’s efforts to achieve net-zero emissions and foster economic resilience. 

The highlight of the third and final day of the summit was the Asia Carbon Summit, which focused on the critical role of international partnerships in accelerating decarbonization efforts. Dr. Amy Khor, Senior Minister of State for Singapore’s Ministry of Sustainability, emphasized that successful decarbonization will require collective, coordinated regional action. By aligning policies, developing shared infrastructure, and fostering cross-border collaborations related to carbon markets and trading, Southeast Asia can become a leader in this area. 

Emerging Technologies and Financing Models Driving the Energy Transformation 

Emerging technologies were at the forefront of discussions at ACES 2024, with solar, storage, and green hydrogen identified as critical enablers of Southeast Asia's energy transition. Solar power is rapidly becoming cost-competitive with traditional energy sources, particularly in countries like Thailand and Vietnam, where abundant solar resources are poised to transform the region’s energy landscape. At the same time, long-duration energy storage is emerging as a key technology for addressing the intermittent of renewable energy, ensuring grid stability and reliable power supply across the region. 

Despite these technological advancements, scaling these solutions will require innovative financing models to overcome investment barriers. Power Purchase Agreements (PPAs) and corporate sourcing of renewable energy are being explored as ways to bypass grid limitations and directly connect clean energy producers with consumers. Additionally, green hydrogen was highlighted as a game-changing solution for decarbonizing hard-to-electrify sectors like steel manufacturing, aviation, and shipping. To realize its potential, however, green hydrogen will require substantial investments in infrastructure, regulatory support, and cross-sector collaboration to make it commercially viable. 

Transformative Partnerships and Initiatives Shaping the Future of Clean Energy 

ACES 2024 was not just a venue for discussion, but also a platform for transformative partnerships aimed at advancing Southeast Asia’s clean energy future.  One of the most exciting launches was DigiLeap, a pioneering digital platform developed by the Sustainable Energy Association of Singapore (SEAS). Singapore’s Minister for Manpower and Second Minister for Trade and Industry, Dr. Tan See Leng, announced the launch of DigiLeap on the first day of the summit, describing it as a comprehensive marketplace that will help foster an ecosystem of knowledge-sharing, networking, and innovative acceleration.

In addition to DigiLeap, ACES witnessed the announcement of a strategic partnership between SEAS and Semiconductor Equipment and Materials International (SEMI), which aims to reduce the carbon footprint of the semiconductor industry—one of the most energy-intensive sectors in the world. This partnership is expected to drive the adoption of low-carbon energy solutions within semiconductor manufacturing, paving the way for greater sustainability in the technology sector. These initiatives represent the growing recognition that partnerships, both within and outside the clean energy sector, are essential for scaling up solutions that can drive lasting change. 

The Sustainable Energy Association of Singapore (SEAS) and the Private Financing Advisory Network (PFAN) partnered to deliver a comprehensive day of investor-focused events at the Asia Clean Energy Summit (ACES). These included the “Connecting the Investment Dots” session, co-organized with Convergence and InfraCo Asia (PIDG), which featured pitches from five mature clean energy businesses from Pakistan, highlighting innovative solutions and financing opportunities. Additionally, the “iPitch@ACES” event showcased investment pitches from 10 cutting-edge companies across the region, offering business solutions including deep geothermal energy, low-flow micro hydro power for water utilities, peer-to-peer electricity trading, EV retrofitting for motorcycles, sodium battery technology, and AI-driven mobile robots to support the energy transition.   

The U.S. Department of State event on accelerating clean energy financing in South and Southeast Asia showcased a range of initiatives and projects designed to catalyze investment and overcome barriers in the clean energy sector. Discussions focused on innovative blended finance structures and case studies, such as the Monsoon Wind Power Project in Laos, which utilized a combination of concessional capital, grants, and public-private partnership (PPP) mechanisms to mitigate investment risks. Other highlighted initiatives included utility-scale hydrogen projects, grid modernization efforts to support renewable integration, and strategies to scale the deployment of battery storage and energy-efficient technologies. Additionally, the event explored mechanisms like green bonds and guarantees to de-risk energy projects and attract diverse financing streams, all aimed at driving regional decarbonization and expanding clean energy access. 

Looking Ahead: The Road to Net-Zero Is a Shared Journey 

ACES 2024 reinforced the urgent need for collaboration, innovation, and commitment to achieving Southeast Asia’s decarbonization goals. From scaling up solar and storage solutions to pioneering green hydrogen technologies and driving energy efficiency across sectors, the region is well on its way to a cleaner, more sustainable energy future. But as ACES demonstrated, these efforts will only succeed if governments, industries, and civil society work together toward shared objectives. 

The road to net-zero emissions is long, but Southeast Asia is positioned to lead the way. By embracing cutting-edge technologies, innovative financing models, and collaborative partnerships, the region can accelerate its energy transition, create new economic opportunities, and play a key role in the global effort to combat climate change. 

ACES 2024 is a significant annual milestone for the work across Southeast Asia to transform the way that the region generates, uses, and shares energy. The hard work continues, and while I am energized by my time in Singapore, the hard work continues and will require greater investments in innovative technologies (the “hardware”) , as well as in the businesses and human capital (the “software”) required to make the energy transition a reality.  

On October 2, 2024, key players from the public, private, and philanthropic sectors gathered at the AsiaXchange Forum, organized by The Rockefeller Foundation in Bangkok, Thailand, to discuss a pivotal challenge: accelerating Southeast Asia’s energy transition through partnerships. With the clock ticking toward the UN 2030 targets, particularly SDG7, which aims to ensure universal access to affordable, reliable, and sustainable energy, the stakes have never been higher. 

The event, Building Effective Partnerships for Accelerating Energy Transition in Southeast Asia, underscored that the transition is not just a technical feat, but a deeply human challenge. It requires collaboration across Public-Private-Philanthropy Partnerships (4Ps), where financiers, governments, businesses, and civil society align to create actionable solutions. A highlight of the event was the Solution Demo of the Southeast Asia Information Platform for the Energy Transition (SIPET), presented by Maximilian Heil from GIZ and Project Coordinator at CASE. SIPET exemplifies how shared data can drive alignment and transparency in the region’s energy transition efforts. 

Moving from MoUs to MoDo's: The Need for Action 

While agreements and memorandums of understanding (MoUs) have set the foundation, it’s time to move from MoUs to MoDo’s—from promises to actions. Innovation is urgently needed, especially in the philanthropy sector, which, despite its relatively short 120-year history, is crucial for mobilizing finance and fostering projects that de-risk investments. As Kitty Bu, Vice President for Asia ex-India at the Global Energy Alliance for the People and the Planet (GEAPP), aptly noted, “We have a system failure.” Carbon costs are not priced into business operations, creating a market imbalance that needs correcting if we are to meet global climate targets. 

The Capital Paradox: No Shortage of Funds, But a Lack of Bankable Projects 

One paradox highlighted during the dialogue is that while there is no shortage of capital, the real challenge lies in the lack of bankable projects. This is where the collaboration across sectors becomes critical. Financial instruments need to be designed to reduce risk, making energy projects viable. However, finance alone cannot drive change. Close alignment with governments is essential to create an enabling environment for policy shifts and infrastructure development. 

Innovation and Partnership: The Way Forward 

Throughout the event, the recurring theme was partnership. The 4Ps are key to ensuring that Southeast Asia does not fall behind in the global race for a low-carbon future. SIPET, for example, is designed to facilitate this coordination by offering a robust platform for information exchange and regional collaboration. This tool empowers stakeholders to work more effectively by breaking down silos and enhancing visibility into project pipelines and funding opportunities. 

As we face the next six critical years in the global energy transition, the alignment of all stakeholders is imperative. With initiatives like SIPET, Southeast Asia has a unique opportunity to seize its renewable energy potential and shape a sustainable future. However, the time to act is now—otherwise, the region risks being left behind. 

By focusing on concrete actions, and through innovation in both finance and partnerships, Southeast Asia can leapfrog and become a model for the rest of the world. Align, act, and accelerate—this is the only way forward if we want to ensure a just and equitable energy transition for all. 

The Southeast Asia Information Platform for the Energy Transition (SIPET) launched its Power Sector Data Browser and Power Sector Snapshots during a webinar on March 10, 2023. The event, titled “Data-driven Energy Transition”, introduced the platform to energy transition professionals in Southeast Asia and highlighted its key features.

SIPET aims to provide comprehensive and accurate data on Southeast Asia’s power sector, which is essential for developing sustainable and efficient energy systems. The event featured Sascha Oppowa, Project Director at Clean, Affordable and Secure Energy for Southeast Asia (CASE) , who updated participants on SIPET developments since its launch in September 2022. Jephraim Manansala, Chief Data Scientist at Institute for Climate and Sustainable Cities (ICSC), stressed the importance of data and information for driving the energy transition.

Samart Kumar, program manager at Agora Energiewende, and Judit Hecke, climate policy analyst at NewClimate Institute, introduced SIPET’s Power Sector Data Browser and complementary Power Sector Snapshots. Samart explained the database-building process, which used primary data sources from ministries, governments, utilities, and generation companies. Judit provided a virtual walkthrough of the Data Browser and Snapshots.

Moderated by CASE Project Advisor Warisa Sihirunwong, two energy experts shared how to use the resources in the browser. Ngoan Nghiem Thi, energy advisor at GIZ Vietnam, said that he found the data browser’s validated data sets and visualization helpful in conveying information to colleagues and government partners. Dr. Siripha Junlakarn, a researcher at the Energy Research Institute  (ERI) at Chulalongkorn University, praised the database’s standardized approach to data, which increased data conformity and enabled efficient comparative analysis.

A recording of the webinar can be found on SIPET’s Knowledge Hub.