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.