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illuminem summarises for you the essential news of the day. Read the full piece on the World Economic Forum blog or enjoy below:
🗞️ Driving the news: The Energy Transition Meeting in ASEAN, held on May 24, 2025, in Kuala Lumpur, convened 200 leaders from government, industry, and civil society to accelerate Southeast Asia’s shift to clean energy
• ASEAN, now the world’s fourth-largest energy consumer, must secure at least $200 billion annually by 2030 to meet its net-zero ambitions — yet currently mobilizes only $30 billion per year
🔭 The context: Amid rapid economic growth and rising energy demand, ASEAN nations remain heavily reliant on fossil fuels, particularly coal
• Geopolitical shifts, including U.S.-China tensions and supply chain vulnerabilities, have complicated the region’s energy strategies
• Yet growing political momentum and regional partnerships, such as the ASEAN Power Grid, offer new pathways to energy integration and security
🌍 Why it matters for the planet: With its fast-growing energy footprint and exposure to climate risks, ASEAN’s trajectory could significantly shape global decarbonization outcomes
• Phasing out coal, investing in renewable technologies, and fostering cross-border power trade are essential for the region to mitigate emissions while promoting inclusive growth and resilience
⏭️ What's next: ASEAN leaders endorsed a new framework for the $250 billion ASEAN Power Grid, with a final MoU expected by October 2025. New financial instruments — like carbon markets and transition credits — are set to accelerate coal retirements
• Further, a potential Clean Economy Agreement could unify energy and trade policies to boost the region’s green economy, which could add up to $5.3 trillion in GDP and 66 million new jobs by 2050
💬 One quote: “ASEAN can seize the moment to lead on the global energy transition,” — Dato’ Sri Fadillah Haji Yusof, Malaysia’s Deputy Prime Minister and Energy Minister
📈 One stat: ASEAN needs $200 billion annually in energy investments by 2030, yet only $30 billion is currently mobilized — a $170 billion shortfall
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