International Energy Agency sees RE as an alternative energy source.
IEA Chief Economist Dr Fatih Birol noted that the proliferation of renewable energy is transforming the way energy is harnessed, distributed and consumed.
“We, at the IEA estimate that renewable energy is now the fastest growing sector of the global energy mix, accounting for around a fifth of all electricity produced worldwide and nations need to pay more attention to the renewable energy for their sustainable development,” Birol said.
He said that the ASEAN countries need US$100 billion for their basic oil and gas infrastructure development and that a massive 60% of this would go to building power plants.
On the other hand, Singapore’s Second Minister for Home Affairs S Iswaran urged governments and policy-makers to consider how global developments can be harnessed to secure the energy future of their countries.
“At present, solar energy is the most viable source of renewable energy for countries like Singapore. Hence, the government has invested significantly in solar Research and Development (R&D) efforts.
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