ASEAN Chair 2023 side event on energy transition

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ASEAN chair 2023 side event on energy transition group photo in front of backlit wall

Sustainable Energy Financing and Mobilisation of Energy Investments in ASEAN

CPD has continued its high profile work in Indonesia with our consortium of partners to support Indonesia as the ASEAN Chair 2023 in its priorities in the energy transition sector.

Taken as a bloc, ASEAN represents the fifth-largest economy in the world, with a collective GDP of $3.2 trillion and a combined population of over 660 million people. As the ten ASEAN member states continue to develop, energy consumption needs are rapidly increasing and represent a significant opportunity for our region to boost renewable energy. But to achieve this the region requires significant technical and financial investment. Indonesia alone is estimated to require $1 trillion by 2060.

Indonesia as ASEAN Chair 2023 identified sustainable energy security and interconnectivity, and sustainable energy financing as two of its four priorities in the energy sector over 2023, which continues the priorities of their 2022 G20 Presidency. CPD, together with our partners listed below, is delighted to have been recognised as an official partner to the Indonesian ASEAN Chairship, and Annabel Brown and Ruddy Gobel spoke at the official kick off event in March.

ASEAN Chair 2023 event recap

On 27 June, we held a hybrid event in Jakarta and online to discuss sustainable energy financing, including ideas for an ASEAN Green Deal and ASEAN Renewable Energy Roadmap. The event featured remarks from Prof Jeffrey Sachs (President, Sustainable Development Solutions Network), Prof John Thwaites (Chair, Monash Sustainable Development Institute), and representatives from the Indonesian Ministry of Finance, Ministry of Energy and Mineral Resources, ASEAN Centre for Energy, GFANZ, IRENA, ADB and others.

The first panel discussed how ‘blended’ public and private finance can help achieve net zero emissions, while the second panel discussed how to go beyond project financing in supporting the just energy transition. Both emphasised the huge potential of the Southeast Asia region to come up with concrete suggestions for policy change, and also the role of Australia in partnering with Southeast Asia on this journey.

This work is part of an ongoing suite of events we are holding with Indonesia as the ASEAN Chair, and will be complemented by policy briefs to support the September ASEAN Summit. We are grateful to our partners in this event, namely Climateworks Centre, the International Institute for Sustainable Development, Institute for Essential Services Reform, the Indonesian Research Institute for Decarbonisation, the Purnomo Yusgiantoro Centre and the Asia Investor Group on Climate Change. We look forward to continuing to work with the ASEAN Cooperation Coordinator for the Energy Sector over the remaining six months of Indonesia’s time as ASEAN Chair.

ASEAN Chair 2023

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