[UPDATED] Investors, financiers risk losing out by not pivoting to Asia: Anwar

KUALA LUMPUR – Investors and financiers will risk losing out by not pivoting to Asia, which is endowed with vast amounts of natural resources, potential renewable energy and a growing population that is not averse to co-innovation and is increasingly appreciative of a green economy, said Prime Minister Datuk Seri Anwar Ibrahim.

He said that in light of this, there is further potential for the region to develop as a player in the net zero value chain in as much as the rich biodiversity resources and a high percentage of forest cover offer abundant nature-based solutions.

“In addition to developing hydrogen and CCS (carbon capture and storage) opportunities for storing carbon, with the innovation of batteries and electric storage well underway, there is opportunity to develop the rare earth minerals and establish a conducive ecosystem to strengthen supply chain,” he said in his keynote address at Energy Asia 2023 here today.

The prime minister said developing these resources and potential requires access to financing, technology and innovation, the right policy frameworks and skillsets for the future. 

He noted that more than 75% of the energy consumed in Asia comes from hydrocarbons and by 2030, Asia’s demand for energy is projected to double.

Countries in Asia are not climate deniers and indeed the region is showing positive signs of embracing the energy transition, but countries across the region are moving at a different pace.

Anwar noted that while some countries are preparing to transition to cleaner forms of energy, others are still struggling with access to complete electrification, clean cooking fuel and energy security.

“Affordability remains a key concern, particularly for parts of developing Asia where people are not looking too far into the future but might simply be struggling to pay the bill for the next week and to put food on the table,” he added. – Bernama, June 26, 2023