Author: George K. KIONGSON
Verifier: Krishnan SRINIVASAN
The Asia Clean Energy Forum (ACEF) is an annual flagship event organized by the Asian Development Bank (ADB), attracting over 2,000 clean energy practitioners in Manila every June. The forum attracts participants from both public and private sectors, academic and research institutions, financial entities, philanthropic organizations, NGOs, and other stakeholders involved in energy transition and climate action efforts. Now in its 19th year, ACEF 2024 is themed “Accelerating the Clean Energy Transition and Ensuring Energy Security and Affordability—Time for Urgent Action Now.” This year, the forum aims to enhance governance practices, regulatory frameworks, and energy planning methods in ADB-developing member countries by addressing barriers to clean energy development. The objective is to establish favorable conditions for increased private and public sector investment in clean and efficient energy technologies and systems.
Here are some key takeaways from ACEF 2024:
1. Urgency in Clean Energy Transition
- The need for immediate action to accelerate the clean energy transition and ensure energy security and affordability was underscored. The forum addressed the complex global energy landscape and challenges posed by fiscal constraints, high borrowing costs, and geopolitical tensions.
- Emphasis was placed on addressing emissions from existing coal power plants in Asia and the Pacific to meet the Paris Agreement targets.
2. Private Sector Investment
- Investment Conditions: Highlighted the necessity of credible, transparent, predictable, stable, and long-term energy policies to attract private sector capital for clean energy projects.
- Innovative Approaches: Increased awareness of new business models and financing solutions that enhance energy security, improve access to affordable energy, and promote good governance.
- Financing Mechanisms: Emphasized the role of various financing mechanisms, including concessional financing and environmental market instruments such as carbon credits and renewable energy certificates, to support the transition for the private sector.
3. Diverse Clean Energy Solutions
- A wide range of clean energy solutions were discussed, including power generation, heating, cooling, electricity transmission and distribution, energy-intensive industries, transportation, buildings, manufacturing, and critical minerals.
In summary, ACEF 2024 underscored the need for urgent action in the clean energy transition, highlighting governance enhancements, innovative financing, and diverse energy solutions to attract increased investment in sustainable technologies across Asia-Pacific.
Mt. Stonegate is delighted to have met everyone at the event and enjoyed a productive discussion. Feel free to connect with us for more conversations. Let's collaborate on our journey towards a greener, more sustainable future.
L-R : Paul Butarbutar (Just Energy Transition Partnership), George Kiongson (Mt.Stonegate)
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