European Green Energy SMEs Eyeing Market Opportunities in Southeast Asia

Singapore, Singapore, October 17, 2018 –(PR.com)– On 28 October, about 40 European companies from 15 different European Union (EU) Member States will embark on a week-long Green Energy Technologies business mission to Indonesia and Singapore. This mission will showcase innovative technologies in the areas of biomass, biogas, carbon capturing, energy conservation and energy efficient solutions, smart grid, smart building solar, hydropower, wind power, waste-to-energy, and other green solutions.

South East Asia is one of the world’s fastest-growing economies. ASEAN’s economy is currently ranked the seventh largest in the world, with a combined GDP of US$2.4 trillion and is projected to rank as the fourth largest economy by 2050.This impressive growth creates regional energy and environmental sustainability challenges.

As such, the energy consumption in South East Asia is expected to double by 2040. The diversification of the regional energy supply through investments in renewable energies offers a viable option to support this expansion and also helps to achieve wider socio-economic and sustainable environmental benefits.

All ASEAN countries have taken steps to tap into this immense opportunity. The adoption of national and regional renewable energy targets, combined with active efforts to reduce carbon emissions under the 2015 Paris Agreement, signal the region’s firm commitment to transforming the energy sector. To reach the aspirational target of 23% renewables in the region’s primary energy mix by 2025, South East Asian countries will have to substantially scale-up their deployment of renewables in the power sector, as well as in heating, cooling and transport.

Europe has many success stories to share. Ms. Barbara Plinkert, Ambassador of the European Union Delegation to Singapore, said: “In Europe, the quantity of renewable energy production increased by 66.6% between 2006 and 2016, thanks to the innovative technologies that European companies have developed. I am sure that the South East Asia region can also benefit from some of these technologies to help the region transform its energy mix to meet its energy demands.”

The European Union is tightening its emissions-trading scheme through raising the price of carbon. Large producers of carbon dioxide are being incentivized to move away from fossil fuels. At the same time, the cost of energy storage is coming down, allowing countries to add more intermittent solar and wind power to their energy mix.

The EU Business Avenues in South East Asia programme aims to facilitate collaborations between European solution providers and South East Asian energy players through a series of coaching and business matching services.

The Green Energy Technologies business mission is the 11th mission, under the EU Business Avenues in South East Asia programme. The contingent of 37 companies will travel to Jakarta, Indonesia for two days of site visit and business meetings before traveling to Singapore to participate in the Singapore International Energy Week (SIEW), co-locating with Asia Clean Energy Summit.