Vientiane: The Association of Southeast Asian Nations (ASEAN) has reaffirmed its shared ambition to accelerate the region's transition towards carbon neutrality and sustainable growth by 2030, according to the ASEAN Chair's statement released on May 9.
According to Lao News Agency, the statement highlighted the region's progress in implementing the ASEAN Regional Investment Action Plan 2025-2030. This plan aims to attract foreign investment in sectors crucial for the green transition and post-pandemic recovery, such as carbon capture and storage, biofuels, medical devices, solar photovoltaic equipment, veterinary health care, and green building materials.
The ASEAN Chair emphasized that these initiatives are designed to position ASEAN as a unified investment hub for sustainable projects, which will accelerate the region's green transition and economic growth. The leaders also reiterated their commitment to the ASEAN Plan of Action for Energy Cooperation 2026-2030, which focuses on enhancing the region's energy security and resilience.
The energy cooperation plan includes diversifying energy sources, increasing renewable energy use, improving energy efficiency, and advancing cooperation in areas like petroleum security, smart grid digitalisation, and carbon capture, utilisation, and storage (CCUS). The new 2030 targets aim for a 40% reduction in energy intensity from 2005 levels, a 30% renewable energy share in total primary energy supply, and a 45% renewable share in installed power capacity.
ASEAN is looking forward to the ASEAN Strategy for Carbon Neutrality Work Plan, which will outline specific priorities and coordinated actions to decarbonise regional value chains. This strategy is seen as pivotal in advancing sustainable and resilient economic growth, while enhancing the region's attractiveness for green investments and supporting an inclusive climate transition.
Additionally, the member states are working on finalising the Roadmap of the ASEAN Blue Economy Implementation Plan 2026-2030. This roadmap aims to promote the sustainable use of marine, ocean, seas, and freshwater resources, and is expected to lead to practical initiatives enhancing ASEAN's blue economy.
The ASEAN Chair expressed optimism about the ASEAN Blue Carbon and Finance Profiling project, which aims to map blue capital assets and identify sustainable investment opportunities, thus advancing the region's blue economy agenda.