Coal is now more expensive than renewable energy – and while this is good news for the climate, it’s bad news for developing countries who have invested in coal. Renato Redentor Constantino looks at how Japan and Korea are divesting, and the IMF’s opinion on stranded assets.
Although ASEAN has an advantage when it comes to abundant resources, it remains to be seen whether the region will be able to tap into its potential. The majority of renewable energy sources remain untouched in ASEAN. For example, looking at individual countries, only 2MW of 65GWh technical potential of solar power has been installed, while biomass and wind power are underused in Cambodia. Indonesia only utilizes 5% of its geothermal potential. With the exception of the Philippines, currently in the lead with 400MW of wind energy, wind power remains a door left open for other ASEAN countries.