The Southeast Asian region could lose up to 30 percent of its gross domestic product by 2050 due to increases
in global temperature and extreme weather events, but bolstering the region’s renewable energy manufacturing capacity would position Southeast Asian countries to create new jobs and meet growing energy demand while drastically reducing emissions, according to new research released Thursday on the sidelines of the ASEAN Finance Ministers and Central Bank Governors Meeting by the Asian Development Bank, Bloomberg Philanthropies, ClimateWorks Foundation and Sustainable Energy for All.
The report identifies potential ambition and outcomes for Southeast Asia such as growing solar PV manufacturing capacity in modules from 70 GW to 125 to 150 GW by 2030; developing a regional battery manufacturing value chain, increasing national and regional demand and establishing Southeast Asia as a regional and global export hub, producing 140–180 gigawatt-hours of battery cells by 2030; and expanding assembly capacity for electric two-wheelers in Southeast Asia from 1.4 to 1.
“As we often say in ADB, the battle against climate change will be won or lost in Asia and the Pacific. A decisive front in that battle is Southeast Asia,” said ADB sectors group director-general and group chief Ramesh Subramaniam. “This report proves how increasing private sector investments into local renewable energy manufacturing sectors, strengthening regional value chain collaboration, and bringing together key stakeholders will create jobs, increase GDP, and help Southeast Asian nations meet their climate goals.”
“By growing their renewable energy manufacturing capabilities, Southeast Asian countries can increase GDP, create jobs, and decarbonize energy systems, contributing to both economic growth and climate progress.
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