Asean can enhance clean-energy trade, align climate reporting standards: Grace Fu
Sustainable agroforestry is another area for collaboration in the region
ASEAN can enhance trade in clean energy and harmonise standards in climate reporting and verification to “fast-track” its energy transition, said Minister for Sustainability and the Environment Grace Fu on Thursday (May 9).
“By promoting renewable-energy trade, Asean not only benefits by decarbonising the power sector, but also strengthens (its) joint grid resilience,” she said.
She was delivering a keynote address at the Singapore Dialogue on Sustainable World Resources, organised by the Singapore Institute of International Affairs (SIIA). The event at The Fullerton Hotel gathered policymakers, industry delegates, representatives of non-government groups, academics and the media.
In her speech, Fu said the Power Integration Project that Singapore has with Laos, Thailand and Malaysia has been a “pathfinder” for a wider regional grid. Under this project, Singapore will import up to 100 megawatts of hydropower from Laos, via Thailand and Malaysia.
“The next step is to expand regional energy trading and aim for an Asean-wide power grid,” she said. The reasons for this are the uneven distribution of renewable energy resources and the intermittency of such power sources, she said.
On her call for Asean to harmonise standards of climate monitoring, reporting and verification (MRV), she said: “This will not only enhance the accountability of our climate actions, but will also support the development of interoperable carbon markets,” she said.
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Asean and Japan have worked together since 2019 to build MRV capabilities through an initiative known as the Partnership to Strengthen Transparency for Co-Innovation, or Pasti.
“The next step is a pilot implementation of greenhouse gas emission monitoring and reporting guidelines across Asean member states,” she said.
Another suggestion that she made was for Asean to boost its green value chain – by building an integrated feedstock pathway for biofuels in the region.
The regional bloc can also promote and share solutions for sustainable agroforestry, so that these systems can act as carbon sinks, enhance agriculture and lower the risk of forest fires, Fu added.
Climate change is a pressing issue for Asean’s 10 member countries, which are already experiencing the effects of extreme weather. The minister noted that Myanmar recently recorded its highest April temperature of 48.2 degrees Celsius, and that Thailand’s heat index exceeded 52 deg C.
The region is, however, heavily reliant on coal and other fossil fuels, and in urgent need of green financing to make the transition to sustainable energy.
Fu acknowledged efforts on this front, such as Singapore’s launch of the Financing Asia’s Transition Partnerships, or Fast-P initiative, that aims to mobilise up to US$5 billion to de-risk energy-transition projects.
She called on Asean to pool the experience of all member states and facilitate the sharing of best practices on climate action.
On its part, Singapore will share data from its Third National Climate Change Study with the Asean Specialised Meteorological Centre, so that the data can be used by member states to craft climate adaptation plans.
“It is imperative that Asean work together to accelerate its green transition. Asean can leverage the benefits of regional complementarity, create economies of scale and drive opportunities for green growth,” said Fu.
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