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The Clean Energy Transition is Unstoppable

Did you know that Southeast Asia’s solar capacity has grown significantly in just over a decade? In 2024, Indonesia had an operational solar capacity of 566 MW, Malaysia of 2,079 MW, Philippines 3,188 MW, Thailand 3,133 MW, and Vietnam of 12,902 MW. These figures, tracked through SIPET’s partnership with the Global Energy Monitor (GEM) paint a remarkable picture of the region’s clean energy transformation. Back in 2007, most of these countries had virtually no solar capacity!

But why do these numbers matter?

At a time when US leadership and foreign assistance on climate and clean energy appears uncertain, Southeast Asia can take pride in the strong renewable energy foundation it has built—proof that the region is shaping its own path toward sustainable development and energy security.

In keeping with our commitment to document the region’s clean energy transition, this issue of SIPET Connect continues our Transition Finance series. This month, Sarinee Achavanuntakul, Managing Director of Climate Finance Network Thailand (CFNT), shares how financial institutions can unlock capital flows from fossil fuel investments and redirect them toward clean energy, and reveals the critical role that banks play in leading this transition.

Also in this issue:
🔹 Trends in industrial decarbonization in Indonesia
🔹 Lastest research on Malaysia’s Renewable Energy Certificates (REC) market
🔹 A view from the Philippines as it positions itself as Asia’s next RE hotspot
🔹 Plus, job postings and upcoming events in the energy transition space

Stay informed, stay inspired, and let’s keep driving the clean energy transition forward!

Navigating Transition Finance: Expert Perspectives

Banking on Change: How Financial Institutions Can Lead Thailand’s Energy Transition

With a background in investment banking and a deep commitment to sustainable finance, Sarinee Achavanuntakul offers an insightful take on the financial barriers and opportunities shaping Thailand’s energy transition. In this thought-provoking conversation with Peter du Pont, Senior Advisor to SIPET, she unpacks the tough questions: Are banks doing enough to navigate the risks of stranded assets? How can they overcome policy uncertainty and truly align financial flows with Thailand’s net-zero ambitions?

Sarinee argues that transition finance must drive decarbonization, not just fund projects that are already sustainable. She warns that Thailand’s reliance on fossil fuels poses financial risks but also sees opportunities for banks to lead—particularly by engaging clients in decarbonization strategies and developing innovative transition finance products.

Will Thailand’s banks step up or will they wait until market forces leave them no choice? Read on to find out more.

Agrivoltaics in Thailand:
A Bright Future for Energy and Agriculture
As Thailand strives to achieve carbon neutrality by 2050, agrivoltaics is emerging as a game-changing solution to balance energy demands and enhance climate resilience.

This blog explores how Thailand can pioneer a tropical agrivoltaics model that boosts food security and empowers rural economies, drawing insights from a recent study by the CASE project and the School of Renewable Energy and Smart Grid Technology (SGtech) at Naresuan University.

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SIPET Noticeboard
Jobs, open calls, and networking opportunities in the clean energy sector remain open in various countries and organizations in Southeast Asia. Go through our curated selection and see what suits your ambitions best.
Events
  • Empowering Thailand's Energy Future | 04 Mar 2025 | Bangkok, Thailand | Register here
  • ASEAN Solar PV & Energy Storage Expo 2025 | 5-7 Mar 2025 | Bangkok, Thailand | Register here
  • Mobilising Capital for the Green Transition | 27 Mar 2025 | Hong Kong | Register here
  • Workshop on Grids and System Integration of Renewables | Bangkok, Thailand | 17-19 June 2025 | Register here

Looking to highlight energy transition jobs and opportunities to a community of Southeast Asia’s clean energy professionals?

Click here to share your job openings and opportunities, and tap into our growing network of experts, practitioners, and decision-makers across the region and beyond.
CASE Consortium Updates

Promoting the Energy Transition in National Energy Policy (KEN)

The Coalition for Emission-Free Indonesia 2050 (KIBE 2050) held a hearing with the National Energy Council in Jakarta.

Participants discussed the National Energy Policy (KEN) and submitted policy recommendations for accelerating Indonesia’s energy transition towards a net-zero emission target by 2060.

Read More

The Philippines as One of Asia's Renewable Energy Hotspots 

The Philippines’ renewable energy advancements have earned it a top spot in the 2024 Climatescope Report. It ranks as the second most attractive emerging market for green energy investments, with ambitious targets to reach 35% renewable energy share in power generation by 2030.

Read More
  • The Importance of Industrial Decarbonization to Improve the Competitiveness of SMEs in East Java | Read here
  • Unlocking Rooftop Solar Potential in Thailand: Policies and Pathways to Boost Investments | Read here
  • Content Creators Empower Change: Tackling Energy Challenges Through Storytelling | Read here

Call for Stories of Change!

Know a good story of impact you want to share? Submit your story here t
o be featured in the next SIPET newsletter!
Track the Energy Transition with GEM

The rapid growth of solar power in Southeast Asia is a testament to the region’s clean energy momentum. But where does it go from here?

With Global Energy Monitor’s (GEM) Solar Power Tracker you can explore the latest developments shaping this transformation. This interactive tool provides a comprehensive global dataset of utility-scale solar PV and thermal facilities, tracking:

Operational solar farms (1 MW+)
Planned, under-construction, or shelved projects (20 MW+)
Real-time data on Southeast Asia’s evolving solar landscape

Your Reading List
  • Securing ASEAN's Renewable Energy Future: Addressing Gaps in Electrical Safety Management System | Read here
  • Low-Carbon Energy Pathway for Denpasar City, Bali, Indonesia | Read here
  • A Guide to a Just and Inclusive Energy Transition in ASEAN | Read here
  • Unlocking rooftop solar PV in Thailand: Facilitating policy and financial de-risking instruments | Read here
ABOUT CASEThe Project "Clean, Affordable, and Secure Energy for Southeast Asia (CASE)" aims to shift the energy sector narrative in Southeast Asia towards an evidence-based clean energy transition, with the aim to increase political ambition to comply with the Paris Agreement. SIPET is part of an effort by CASE to accomplish the shift of the energy sector narrative by supporting: (a) research and evidence, (b) transparency and mapping, (c) dialogue with non-energy sector stakeholders, (d) technical assistance on clean energy, and (e) promoting public discourse on the energy transition.CASE is funded by the German Federal Ministry for Economic Affairs and Climate Action (BMWK), and jointly implemented by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH and international and local expert organisations in the area of sustainable energy transformation and climate change: Agora Energiewende and NewClimate Institute (regional level), the Institute for Essential Services Reform (IESR) in Indonesia, the Institute for Climate and Sustainable Cities (ICSC) in the Philippines, the Energy Research Institute (ERI) and Thailand Development Research Institute (TDRI) in Thailand.
Southeast Asia Information Platform for the Energy Transition (SIPET)c/o Clean, Affordable, and Secure Energy (CASE) for Southeast Asia

193/63  Lake Rajada Office Complex, 35th floor, New Ratchadapisek Road, Klongtoey, Bangkok 10110, Thailand

Reach out to us:

Website: https://www.sipet.org  | Email: info@sipet.org | LinkedIn: Southeast Asia Information Platform for the Energy Transition - SIPET

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