Taiwan is now a high-income economy with a 2022 GDP of $828.66 billion and ranks 21st among all the 192 nations covered by the IMF, which makes it a regional leader – its GDP is expected to cross the $1 trillion mark by 2027.
Renewable energy is still a growth sector in Southeast Asia, but a steady drip of reports about idle off-grid installations, oversupply and regulatory bottlenecks has thrown the rush to roll out cleantech into question.
On December 14, the United States and Japan issued a joint statement in support of Vietnam’s energy transition through LNG utilization. The statement made it clear that liquified natural gas (LNG) was key to ensuring Vietnam’s energy security, while reducing air pollution and assisting in transitioning to a low-carbon future.
While energy demand is down globally – by approximately 5% in 2020, according to the International Renewable Energy Agency (IRENA) – renewable energy rollout will continue to grow this year, and nowhere is that more true than in Vietnam, which is undergoing an offshore-wind bonanza.
After years of strong growth, the renewable energy sector is set to take a breather – and likely into next year. Immediate demand for energy has collapsed, oil prices have fallen in tandem and capital markets are in turmoil and therefore unlikely to support capital intensive projects.