Malaysia pushes for joint ASEAN efforts on green energy financing
A study by the International Renewable Energy Agency estimated that ASEAN will need around 29.4 trillion USD by 2050 to fully transition to renewables and most of which remains unfunded.
Delegates at the regional energy forum in Kuala Lumpur (Photo: ASEAN Centre for Energy)
Kuala Lumpur (VNA) – Malaysia has called on ASEAN member states to take bold, collective action to close the financing gap in the region’s clean energy transition, according to Malaysia’s Permanent Representative to ASEAN Datin Sarah Al Bakri Devadason.
At a recent regional energy forum in Kuala Lumpur, she stressed the urgency of moving away from fossil fuels while ensuring environmental and social inclusivity, saying access to clean, affordable, and reliable energy is not only about powering homes or industries but also about protecting the environment and the rights of future generations.
Citing the ASEAN Centre for Energy (ACE), she said the regional energy demand could rise by 60% by 2040, and warned that relying on conventional sources risks derailing climate goals.
According to Sarah, ASEAN has committed to increasing the share of renewable energy to 23% of the total primary energy supply this year.
A study by the International Renewable Energy Agency estimated that ASEAN will need around 29.4 trillion USD by 2050 to fully transition to renewables and most of which remains unfunded.
She highlighted the ASEAN Taxonomy for Sustainable Finance (ATSF), updated in March 2024, as a key tool for attracting sustainable investment.
She reaffirmed Malaysia’s commitment as ASEAN Chair to advance cross-sector collaboration and innovative financing to drive inclusive and sustainable energy transformation.
The event, co-organised with the ACE, was attended by representatives fr🦩om ASEAN member states, the diplomatic corps, financial institutions, civil society, and industry experts./.
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