SINGAPORE: A collaboration between ABB and the Financial Times (FT) brought together 50 energy business leaders, policymakers and industry experts in Singapore on July 30, 2024, for the inaugural Accelerating the Energy Transition in Asia event. The briefing session, hosted by the FT in partnership with ABB, discussed strategies to advance sustainable energy solutions.
With the region accounting for more than half of the world’s population and CO2 emissions, a successful energy transition plays an important role in global efforts to tackle climate change. However, achieving regional emissions reduction targets will require more than $1.5 trillion in cumulative investment, according to an analysis by Bain & Company.
“I commend this industry-wide initiative to unite key players in addressing the critical agenda of the energy transition in Asia,” said His Excellency Anders Sjöberg, Swedish Ambassador to Singapore. “Forums like this underscore the urgency and importance of our mission. It is vital that we, as the region’s leaders, keep this momentum and commit to concrete actions that drive sustainable change.”
The event attracted leaders and speakers from companies including S&P Global, Energy Market Authority, Shapoorji Pallonji & Co, Supreme Energy and ABB to recognize the significant progress that many Asian countries are making in embracing new energy sources and green technology. Key discussions revolved around navigating the regulatory landscape, overcoming challenges and seizing opportunities to integrate new and renewable energy sources into Asia’s power mix.
Anders Maltesen, President of ABB Energy Industries in Asia, participated in a panel discussing the regulatory landscape underpinning Asia’s energy transition. The session offered insights into the frameworks impacting the region’s energy sector, the role of supportive policies in incentivising sustainability, the role of investors and the nuances of public-private collaboration.
“Achieving Asia’s energy transition is complex and requires a coordinated effort between all key stakeholders from government, industry and individuals,” said Maltesen. “Countries are in varying stages of energy evolution, facing different barriers including inadequate infrastructure, political and regulatory uncertainty, and social and cultural factors. We need to accelerate the development of a stable and conducive environment for renewable energy projects to meet our ambitious targets.”
“Energy transition might be painful but necessary. A more realistic roadmap and solid commitment from all stakeholders are required,” said Nisriyanto, President & CEO, Supreme Energy.
With the region targeting a reduction in its annual carbon intensity rate of 17.2 per cent to limit global warming to 1.5°C by 2050, other key highlights from the event included discussions on renewable energy adoption, innovative technologies, and collaborative efforts required to drive the transition.
“We need to future-proof sustainability, and there needs to be a conscious shift towards greener and alternative energies,” said Ankit Garg, President, of Projects, Shapoorji Pallonji & Co. “To accelerate the transition, we must address both commercial and policy barriers and persistently drive innovation across all aspects of the energy sector. Remember, we do not own this world, we merely take care of it for future generations.”
“As Asia continues to experience rapid economic growth, transitioning to renewable energy sources becomes crucial to lower carbon emissions and ensure energy security,” said Cecillia Zheng, Research and Analysis Director, Asia Pacific Gas, Power and Climate Solutions, S&P Global. “This event provides a platform for stakeholders to share knowledge, exchange best practices and foster collaboration. The dialogues on policy frameworks, technological advancements, and investment opportunities will facilitate the acceleration of the energy transition in Asia.”
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