Coal is still a dominant fuel in the rapidly growing economies of Southeast Asia, data from several recent reports show.
Wood Mackenzie estimates that solar and wind power plants will lead in Southeast Asia's power capacity mix at 35% in 2040. The investment in wind and solar power will make up 23% of total power investment, amounting to more than $89 billion from 2019 to 2040.The expected growth in renewable energy will come even though such energy is "less cost competitive in the region compared to the rest of the world, and challenges such as land acquisition and intermittency issues," Tao added.
Indeed, clean energy targets in Indonesia — Southeast Asia's largest economy — will be "tough to reach,"The Indonesian government has targeted generating 23% of electricity from renewable sources by 2025 — almost double the 12% now, but it will be "difficult to achieve because capacity expansion plans are still dominated by coal," Moody's analysts wrote in the report.
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