According to the latest data published by the IEA, Southeast Asia is set to account for 25% of global energy demand growth over the next decade, second only to India. Growth is led by the electricity sector, at +4% per year.

While clean energy technologies (wind, solar, geothermal, bioenergy) are continuing to expand, they are not expanding quickly enough to keep up with the pace of demand. Reliance on fossil fuels is set to continue, unless of a scale up in investment in clean energy. Investment in reducing emissions from existing and installing fossil fuel capacity is also necessary.

Despite accounting for 5% of global energy demand, Southeast Asia attracts only 2% of global clean energy investment. The current level of investment will require a fivefold increase to put the region on a pathway consistent with achieving its announced energy and climate goals.

The report highlights how the benefits of accelerating clean energy transitions have already been felt across Southeast Asia, with over 85,000 jobs created since 2019, and further potential to expand clean energy technology manufacturing and critical minerals processing across the region.

The Southeast Asia Energy Outlook 2024 report can be downloaded on the IEA website.