Southeast Asia, home to more than half a billion people, remains stubbornly hooked on fossil fuel, raising doubts over countries' ability to meet phase-out timelines due to financial bottlenecks and wavering global commitment on climate change. The region is also likely to miss its renewable energy production goal of 23% by end of the year.
Southeast Asia could this year see the highest number of final investment decisions on gas projects in a decade, which could potentially boost output by 18%, according to Global Energy Monitor.
As many as 13 new gas projects could be financed in 2025, adding to the one that has already been approved this year, researchers said in a report published on Wednesday. Over 20 billion cubic metres of annual production capacity could be added should all plans move forward, according to the research house.
