ABB and Financial Times discuss accelerating Asia’s energy transformation

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A collaboration between ABB and the Financial Times (FT) brought together 50 energy business leaders, policymakers and industry experts in Singapore on July 30, 2024 for the inaugural Accelerating the Energy Transition in Asia event. The briefing, organized by the FT in partnership with ABB, discussed strategies for developing sustainable energy solutions.

As this region accounts for more than half of the world’s population and CO₂ emissions, a successful energy transition plays an important role in global efforts to address climate change. But meeting regional emissions reduction goals will require more than $1.5 trillion in cumulative investments, according to a Bain & Company analysis.

“I applaud this industry-wide initiative to unite key players to address the critical energy transformation agenda in Asia,” said His Excellency Anders Sjöberg, Ambassador of Sweden to Singapore. “Forums like this underscore the urgency and importance of our mission. It is important that we, as leaders in the region, maintain this momentum and commit to concrete actions that will drive sustainable change.”

The event brought together thought leaders and speakers from companies including S&P Global, Energy Market Authority, Shapoorji Pallonji & Co, Supreme Energy and ABB to celebrate the significant progress many Asian countries are making in embracing new energy and green technology. Key discussions included navigating the regulatory landscape, overcoming challenges and seizing opportunities in integrating new and renewable energy into Asia’s energy mix.

Anders Maltesen, President of ABB Energy Industries in Asia, participated in a panel discussion on the regulatory landscape underpinning Asia’s energy transition. The session offered insights into the frameworks affecting the region’s energy sector, the role of supporting policies in encouraging sustainable development, the role of investors and the nuances of public-private cooperation.

“Achieving Asia’s energy transition is complex and requires a coordinated effort from all key stakeholders from government, industry and individuals,” Maltesen said. “Countries are at different stages of their energy evolution, facing different barriers, including inadequate infrastructure, political and regulatory uncertainty, and social and cultural factors. We need to accelerate the development of a stable and enabling environment for renewable energy projects to achieve our ambitious goals.”

“The energy transition can be painful, but necessary. A more realistic roadmap and solid commitment from all stakeholders are needed,” said Nisriyanto, president and CEO of Supreme Energy.

As the region sets itself the target of reducing its annual carbon dioxide emissions by 17.2% to limit global warming to 1.5°C by 2050, other highlights of the event included discussions on the deployment of renewable energy sources, innovative technologies and the collective actions needed to deliver the transformation.

“We need to secure a sustainable future and there needs to be a conscious shift towards greener and alternative energy sources,” said Ankit Garg, president of projects at Shapoorji Pallonji & Co. “To accelerate the transformation, we need to address commercial and policy barriers and continuously drive innovation in all aspects of the energy sector. Remember, we do not own this world, we are simply taking care of it for future generations.”

“As Asia continues to experience rapid economic growth, the transition to renewable energy is becoming crucial to reducing carbon emissions and ensuring energy security,” said Cecillia Zheng, Research Director, Asia Pacific Gas, Power and Climate Solutions, S&P Global. “This event provides a platform for stakeholders to share knowledge, exchange best practices and foster collaboration. Dialogues on policy frameworks, technological advances and investment opportunities will help accelerate Asia’s energy transformation.”

ABB Process Automation automates, electrifies and digitalizes industrial operations that address a wide range of critical needs – from delivering energy, water and materials to producing goods and transporting them to market. With ~20,000 employees and leading technology and service expertise, ABB Process Automation helps customers in the process, hybrid and marine industries improve the efficiency and safety of their operations, enabling a more sustainable and resource-efficient future. go.abb/processautomation

About ABB

ABB is a technology leader in electrification and automation, enabling a more sustainable and resource-efficient future. The company’s solutions combine engineering and software to optimize the way things are made, moved, powered and operated. Building on more than 140 years of excellence, ABB’s more than 105,000 people are committed to driving innovation that accelerates industrial transformation.

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