For years, 3Degrees has advised corporate clients in assessing and implementing renewable energy options globally to reduce their scope 2 electricity emissions. The Asia-Pacific (APAC) region stands out for its complexity due to significant market and policy barriers across the various countries. According to the latest RE100’s annual report, seven out of ten countries with the greatest challenges to renewable energy adoption are in APAC.
In 3Degrees’ experience, the biggest challenges have been the limited market-based solutions and often expensive renewable energy options. Still, we’re seeing new markets opening up, which are providing hope for new opportunities.
New opportunities in APAC countries
Historically, renewable energy options in APAC countries have been in short supply, primarily consisting of onsite solar and unbundled renewable energy certificates (RECs or EACs). However, 2024 marked a turning point with new higher-impact opportunities for corporate buyers beginning to materialize across several countries. This development signals progress toward opening up new markets in the clean energy transition while also highlighting the unique challenges that remain.
Building on the progress seen in markets like Australia, Singapore, Japan, India, and South Korea, below are the three APAC countries with new corporate renewable energy opportunities that opened up in 2024:
This table outlines the latest renewable energy procurement programs in Asia-Pacific, including Malaysia’s CRESS (Corporate Renewable Energy Supply Scheme), Thailand’s UGT (Utility Green Tariff), and Vietnam’s DPPA (Direct Power Purchase Agreement).
Looking forward
It is an exciting time to participate and witness the growth and maturity of renewable electricity markets across APAC, with neighboring countries increasingly sharing and collaborating on best practices. As these markets evolve, we expect even more opportunities to emerge in the coming years, including increased renewable energy imports and cross-border energy flows through the development of the ASEAN power grid.
Connect with a 3Degrees advisor for expert guidance in navigating the APAC renewable energy markets to achieve your decarbonization goals.
Interested in more on renewable energy opportunitites?
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