First IRENA Investment Forum Kicks Off in Southeast Asia

The first-ever Investment Forum organised by the International Renewable Energy Agency (IRENA) takes place from 31 August to 1 September 2022 in Bali.

Co-hosted by Indonesia in the margin of its G20 Presidency Energy Transition Ministerial, the joint forum aims to mobilise energy transition investment, ease access to finance and accelerate renewable energy projects in the Southeast Asian region.

A significant scale-up of financing is critical to meet net zero commitments in the region by mid-century. In the short-term, ASEAN’s aspiration to achieve a 35% renewable share in electricity capacity by 2025 looks within reach.

IRENA’s World Energy Transitions Outlook shows that over USD 24 trillion of global investment must be redirected from fossil fuels to energy transition technologies by mid-century to achieve a climate-safe 1.5°C.

In Southeast Asia, renewable power, grids and transition-related power technologies and infrastructure alone require over USD 5 trillion by 2050 corresponding to two-thirds of total energy investment needed.

Investment pays off, as IRENA’s forthcoming socio-economic analysis and Outlooks for Indonesia and ASEAN show.

Renewables and related technologies enable countries to meet their rising energy demand, improve health, environment and air quality, while stimulating industrialisation, domestic growth and jobs.