ASEAN Centre for Energy has released a policy brief titled “Strengthening International Collaboration and Regional Cooperation to Support Energy Transition and Net Zero Goals in ASEAN”. The brief highlights that ASEAN faces mainly economic and institutional barriers and challenges in achieving energy transition and net zero goals, such as the high cost of renewable energy, lack of sustainable business models and financial incentives to attract renewable energy and energy efficiency investments, market distortions and inefficiencies due to fossil fuel subsidies and non-monetised carbon externalities.
The brief emphasises the need for international and regional cooperation. International collaboration, combined with financial and technical assistance, is critical in addressing both the challenges and opportunities to support the low carbon energy transition and net zero goals. It can help bridge gaps and strengthen capacities, both financial and human capital, and assist the ASEAN Member States (AMS) in achieving their energy and climate objectives.
The report can be read here