Southeast Asia’s RE manufacturing to generate up to $100b revenue by 2030
Its solar PV manufacturing capacity could reach 125 GW to 150 GW.
The growing renewable manufacturing sector in renewable energy could generate around $90b to $100b in revenue by 2030 and create around six million renewable energy jobs by 2050.
In a statement, the Asian Development Bank said the renewable manufacturing of Asia could support the region’s economic growth as it could lose up to 30% of its gross domestic product by 2050 because of the rise in climate change.
According to its report, the region's solar photovoltaic manufacturing capacity in modules could reach 125 gigawatts (GW) to 150 GW by 2030 from 70 GW. It could also produce 140 GW-hours (GWh) to 180 GWh of battery cells by 2030.
Southeast Asia can also increase its assembly capacity for electric two-wheelers from 1.4 to 1.6 million units a year to around four million units by 2030.
The region’s production factors could benefit from trade across the value chain to improve workforce quality and distribution.
The ASEAN Power Grid could also boost the demands market, making room for higher renewables deployments and expanded grid balancing areas, it said.