Indonesia, Vietnam and the Philippines have cancelled almost 13GW of coal projects in 2022, but this is far from what is needed to phase out the fossil fuel over the next two decades, a new report from Global Energy Monitor has revealed.
Sold-out long-term liquified natural gas contracts and project delays may force a rethink for the Philippines, Vietnam and Thailand to rely on previously-forecasted LNG growth, according to a report by global think tank IEEFA.
Philippine president Ferdinand Marcos, Jr began his administration by vowing to prioritise clean energy and curbing climate disasters. Eco-Business scrutinises these pledges and asks what he must address to stay true to them.
From Asia becoming a key fossil fuel provider to high-tech agriculture, these are the trends that could reshape society and business as the world navigates global uncertainty borne out of the Russian-led conflict in Ukraine.
The government announced an increase on the minimum amount of renewable energy supplied to investors and end-users from 1 per cent to 2.5 per cent, in a bid to ramp up the country’s goal to reach 35 per cent clean energy by 2030.
The country’s largest bank pledged that it will reduce its coal exposure by half by 2033, though it qualifies that this does not include short-term working capital “that companies will need to transition out of the coal business”. It says it has not been financing any new capacity since 2019.
Floods, heatwaves and landslides now dominate as their top three concerns, as direct impacts from weather extremities are increasingly felt. The climate outlook survey also reflects hesitancy among Southeast Asians to phase out coal immediately.
Bangkok-based PR agency Vero says there's no excuse for working for fossil fuel brands — even those pivoting to clean energy. "We're in a crisis. There is no time for a journey," says Vero CEO Brian Griffin.