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World NewsSoutheast Asia offers opportunities to scale up renewable energy: CEO

Southeast Asia offers opportunities to scale up renewable energy: CEO

SINGAPORE — Southeast Asia goes via an vitality transition and there is alternative to scale up renewables within the area, in accordance to the chief govt officer of a Philippines-based vitality agency.

“We’re very bullish on renewables, obviously, in Southeast Asia,” mentioned John Eric Francia of AC Energy, including that the corporate has seen nice momentum because it shifted its focus to cleaner vitality sources in 2016.

AC Energy has 2,100 megawatts of renewable capability and goals to improve that to 5,000 megawatts by 2025, he mentioned. The firm, which has operations within the Philippines, Vietnam, Indonesia, India and Australia, says round 80% of its capability comes from renewable sources.

While he acknowledged that the transition shall be gradual, he informed CNBC’s “Street Signs Asia” that current occasions have pointed to the chance in renewables.

“With everything — the volatility that’s happening in the global markets with fossil fuel and so forth, and the surprise resurgence of demand in various markets amidst the pandemic, I think we’ve got a great opportunity to really scale up renewables,” he mentioned on Tuesday.

Read extra about clear vitality from CNBC Pro

Europe is dealing with an vitality disaster as costs skyrocket due to a gasoline scarcity and low wind output make it tough for some international locations to meet their vitality wants.

The U.Okay. fired up an outdated coal energy plant to produce extra electrical energy, and consultants say the European Union’s inexperienced ambitions could possibly be hit by hovering gasoline costs.

But AC Energy’s Francia says renewables coupled with battery storage know-how can resolve this drawback within the coming years, calling it a “massive opportunity.”

He mentioned the crucial ingredient and enabler is battery storage, given the intermittent and renewable nature of vitality sources like wind or photo voltaic.

“With the help from the electric vehicles sector, battery storage is becoming more and more scalable and competitive,” he mentioned, predicting that it could possibly be prepared in three to 5 years’ time.

For now, international locations have to plan the transition to clear vitality and use different fuels to complement renewables, Francia mentioned.

— CNBC’s Sam Meredith and Silvia Amaro contributed to this report.

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