2024年东南亚绿色经济报告

Introduction

Foreword by Bain & Company

The past 12 months have underscored the urgent need for global action on climate change, with Southeast Asia showing a steady increase in commitments from all stakeholders. Four ASEAN countries have raised their climate commitments, and seven are considering carbon pricing measures. Corporate commitments to set science-based targets have quadrupled, with many outlining ambitious multi-billion-dollar investment programs to decarbonize their businesses.

Despite these advancements, Southeast Asia faces significant challenges. Governments are grappling with rising energy demand, a growing middle class, and the need to avoid increasing energy and electricity prices while ensuring just and equitable growth. The transition to a green economy is complex, requiring bold ambition and concrete steps to accelerate progress.

Foreword by GenZero

GenZero, a decarbonization-focused investor based in Singapore, emphasizes the importance of collective and decisive action. Despite significant progress in 2023, emissions increased by 13% or 400 MtCO2e, and renewable energy investment rose by 9%. However, renewable energy constitutes less than 10% of electricity generation in the region. Total green investment increased by 20% from $5.2 billion to $6.3 billion but remains far short of the $1.5 trillion needed by 2030.

To accelerate and scale decarbonization, all stakeholders must act collectively and decisively. The potential for increased deployment of commercially ready and cost-effective technologies presents a significant opportunity, with the potential to unlock incremental annual revenues of $300 billion by 2030. However, capital flows have been hampered by the overall lower bankability of Southeast Asian projects, greater offtake risk, and lack of political commitment to long-term policies.

Key Data Points

• Emissions Increase: Emissions increased by 13% or 400 MtCO2e in 2023.
• Renewable Energy Investment: Increased by 9% in 2023.
• Total Green Investment: Increased by 20% from $5.2 billion to $6.3 billion in 2023.
• Target for 2030: Needs $1.5 trillion to fund the transition.
• Potential Revenue: Incremental annual revenues of $300 billion by 2030.

Challenges and Opportunities

Southeast Asia governments face multiple challenges:

• Rising energy demand (expected to grow by nearly 42% by 2030).
• A burgeoning middle class.
• Pressure to avoid increasing energy and electricity prices.
• Need for just and equitable growth.
• Ambitious plans to decarbonize and build future industries.

Despite these challenges, there are several "no-regrets" actions that can be taken immediately:

• Decarbonization initiatives across various industries.
• Policies to address nature loss and protect carbon sinks without difficult trade-offs.

Key Initiatives

• Corporate Commitments: Many corporations have outlined ambitious multi-billion-dollar investment programs to decarbonize their businesses.
• Decarbonization Platforms: Technology-enabled platforms like Rize.Farm are reducing methane emissions in rice cultivation by providing economic incentives across the value chain.

Conclusion

All stakeholders are encouraged to reaffirm their commitment to the green transition and take immediate action. With collective commitment and collaboration, the region can meet its decarbonization commitments to 2030. Governments must develop more coherent policies and frameworks, and provide more targeted incentives to attract global investment.

GenZero remains optimistic about the region's potential for green investment, emphasizing the importance of aligning government, corporate, and investor efforts to drive systemic change.