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Articles by John Yeap
Malaysia’s anticipated open access power grid regime could pose challenges
Open access to the power grid helps to introduce competition to electricity markets and increase their efficiency by allowing any party selling or buying electricity to use transmission and distribution systems without discrimination, subject to transparent constraints and the uniform application of fees.
Malaysia releases details of energy transition roadmap
The Malaysian government has released a detailed national energy transition roadmap, outlining the measures the government plans to take to reach its net-zero emissions target by 2050. Climate change expert John Yeap of Pinsent Masons said: “In setting out a road map, Malaysia is showing its commitment to its net zero target. As is to be expected, the drivers for setting out a road map, and the tools available in the toolbox for doing so, are consistent with its neighbours and elsewhere.
Vietnam needs US$135bn power generation investment in next decade
Total investment capital for power generation and transmission is estimated at US$399.2bn-US$523.1bn during 2031-2050, according to the PDPVIII. Vietnam’s onshore wind power capacity is expected to reach 21.9 gigawatts (GW) by 2030; offshore wind power for new energy production to reach 15GW by 2035 and 24GW by 2050; solar power to increase 4.1GW by 2030 and reach a total capacity of between 168.6GW and 189.3GW by 2050; and hydropower is expected to reach 29.3GW by 2030.
China can add 64GW offshore wind up to 2027
According to the GWEC’s Global Wind Report 2023 (120-page/14.5MB PDF), China will account for the biggest increase in global offshore wind generating capacity over the next five years. The report predicts that the offshore wind will account for an increasing share of the total global wind generation market, increasing from 11% to 23% by 2027.
Indonesia draws down first tranche of renewable transition finance
Renewables expert John Yeap at Pinsent Masons said: “Indonesia is showing tremendous leadership in the region with a focussed agenda to decarbonise. With its fleet of coal plants and a domestic coal industry, switching off coal power generation will be a challenge and one the nation seems determined to address.
Philippines DOJ: foreigners should be able to own 100% of renewable energy projects
The DOJ has issued an opinion on what it believes is the meaning of the reference to “all forces of potential energy” in the Philippine Constitution, according to a report. The DOJ said this phrase should not include “kinetic energy”. Accordingly, the restrictions in the Constitution on foreign ownership of “potential energy” should not include solar, wind, hydro and ocean or tidal energy sources, which are kinetic energy.
Malaysia sets out national energy policy for next 20 years
The policy is aimed at streamlining various existing policies, creating a long-term vision which is coordinated across various stakeholders, and providing updated direction for the energy sector, according to the country’s economy minister Datuk Seri Mustapa Mohamed. Climate change expert John Yeap of Pinsent Masons said: “With Malaysia’s commitment to net zero emissions, the increasing focus on decarbonising the generation sector across southeast Asia is to be expected.
Vietnam calls for up to US$14bn annual power investment
Of the hoped-for investment, 75% would be spent on new power plants with priority given to renewable sources and the rest on grid expansion. Vietnam plans to seek private investment for these projects, according to a news report. The country has pledged to stop building new coal-fired power plants from 2030 as part of its plan to reach climate change commitments pledged at last year’s COP26 international conference.
Philippines publishes national renewable energy programme to 2040
According to the NREP (1.79MB / 104-page), by reaching these goals, the Philippines’ government wants to meet people’s growing electricity need with cleaner energy resources, to adapt renewable energy more widely and to use hybrid technologies, to reduce carbon dioxide emissions and to mitigate climate change.
USAID launches clean energy investment scheme in Vietnam
USAID launched the project as it seeks to increase private sector investment and improve operational performance in Vietnam’s energy sector. The project is known as the Vietnam low emission energy programme II (V-LEEP2). USAID will work with Vietnam’s ministry of industry and trade (MOIT) to increase clean energy deployment by mobilising private sector investment and providing project design support for developers and technical assistance for lenders.
Philippines targets 21GW offshore wind by 2040
Renewables expert John Yeap of Pinsent Masons said: “Being an archipelagic nation, the Philippines is well placed to harness its offshore wind resource, and the recently issued roadmap provides a comprehensive set of issues that have to be addressed in order to deliver on the ambition. Some of these challenges are unique to the Philippines, such as constitutional issues around ownership of natural energy sources that would limit the level of foreign participation.
Philippines allows 100% foreign ownership in further infrastructure sectors
The Philippines’ Public Service Act (PSA) has become law after the country’s president Rodrigo Duterte signed it in March. The PSA allows up to 100% foreign ownership of public services in the country. Under the new law, the definition of ‘public utility’ is now limited to public services that are operated, managed, or controlled for public use.
Asian Development Bank sets up Indonesian green infrastructure fund
The Asian Development Bank (ADB) has approved a US$150 million loan for a facility to encourage public and private funds to invest in green, financially sustainable infrastructure projects in Indonesia. The new fund is called the Sustainable Development Goals Indonesia One-Green Finance Facility (SIO-GFF) and is the first of its kind in Southeast Asia.
Decarbonisation ‘reality’ for Asia-Pacific as Australian coal plant to close
Renewables expert John Yeap at Pinsent Masons said: “The closure of Eraring is consistent with the closure or planned closure of similar plants in the Australian electricity market, a consequence of the scale of renewables now available on the system. There will be some interesting and useful lessons for countries in Asia looking to decarbonise. Unlike Australia, some of these Asian countries have relatively young fleets of coal fired power plants with long operational life remaining.
Indonesia lifts coal export ban on 139 companies
Indonesia has lifted its coal export ban on 139 companies as they met domestic market sales requirements, according to Reuters. Reuters reported that 75 vessels were allowed to load coal from companies that had met all their domestic market obligation (DMO) requirements, and another 12 were allowed to proceed after providing a written assurance of compliance and acceptance of penalties.
IFC backs Vietnam waste-to-energy plant
The International Finance Corporation (IFC) has approved a US$30 million financing package for a waste-to-energy (WtE) power plant in Vietnam. The package consists of a US$15m loan from the IFC and US$15m concessional loan from the Finland-IFC Blended Finance for Climate programme, which was established in 2017 with the aim of encouraging investments and promoting private financing for low-income developing countries in their climate-related projects.
World Bank encourages private investment in renewables in Indonesia
The World Bank (WB) has recommended that Indonesia do more to encourage private investment in renewables as part of work to deliver on its energy transition. Indonesia should put in place a package of reforms and investment in order to achieve its aim of cutting greenhouse gas emissions by between 26% and 41% by 2030 and to reach carbon neutrality no later than 2060, according to a new WB report.
EU to set up a system to certify carbon removals in 2022
The EU Commission will propose a certification system for carbon removed from the atmosphere next year, it has announced. The framework will include transparent, scientifically robust carbon accounting rules to monitor and verify the authenticity and environmental integrity of sustainable carbon removals.
Vietnam’s offshore wind power capacity to reach 36GW by 2045
According to the World Bank (WB)’s Offshore Wind Roadmap for Vietnam (216-page, 6.11MB PDF), Vietnam can have an offshore wind power capacity of 10GW by 2030, generating around US$6.5 billion in gross value added annually for the country by then. Vietnam will have to invest US$6.7bn in the first 4-5 GW of offshore power wind capacity, as the GWEC calculated.
ASEAN releases first version of sustainable finance taxonomy
The first version of the taxonomy has four environmental objectives and two essential criteria for the assessment of economic activities as a basis for protecting the environment and helping transition to low-carbon and sustainable practices. It also includes an approach guiding users in classifying economic activities under the ‘foundation framework’ and providing additional sector-specific guidance for member states and entities who seek more specific guidance.
Liquified natural gas sector launches carbon neutral framework
An international trade body for the liquified natural gas (LNG) sector has launched a framework for a unified approach to declaring LNG cargoes carbon neutral. The framework, called the “Monitoring, reporting, and verification (MRV) and GHG (Greenhouse Gas) neutral framework” (42-page, 2.04MB PDF), sets out a series of steps, with the first requiring LNG importers to monitor, report and verify the intensity of their greenhouse gas emissions.
AIIB approves loan for Vietnam hydropower plant refinancing
The Asian Infrastructure Development Bank (AIIB) has approved a US$47.5 million loan for the refinancing of a Vietnamese hydropower plant. Renewables expert John Yeap of Pinsent Masons, the law firm behind Out-Law, said: “This refinancing will no doubt give a boost to the confidence of project developers in Vietnam on the ability to finance renewable energy projects without the need for sovereign guarantee and insurance cover.
Indonesia joins coal exit transition programme
Renewables and climate change expert John Yeap of Pinsent Masons, the law firm behind Out-Law, said: “Decarbonisation as an agenda should not be controversial, but its implementation will need to factor in considerations around climate justice, particularly for nations such as Indonesia that needs to maintain economic development whilst meeting its commitments to net zero.” “No doubt all nations would like to find a solution that would enable the acceleration of coal power plant...
Indonesia needs to invest US$200bn per year to decarbonise by 2030
Indonesia will need to invest US$200 billion per year over the next decade in order to meet its target of decarbonisation, according to a government report. The Indonesian government will need to phase out fossil fuel subsidies and reallocate some investments, as well as generate revenue from the recently passed carbon tax, according to a Reuters account of a report from the planning ministry.
IMF estimates global fossil fuel subsidies worth US$6tn
John Yeap of Pinsent Masons, the law firm behind Out-Law, said: “Price subsidisation continues in much of the world, including in Asia, because of issues around affordability. Any move to decarbonise must therefore take into account the cost impact to society, and there are arguments for viewing social cost in the broadest context to include health and environmental considerations.” “Furthermore, there will be social justice issues around just transition to be considered.
EnergyAustralia to close all coal-fired plants by 2040
Australian energy company EnergyAustralia has announced it will close all its coal-fired plants by 2040. Its Mount Piper coal-fired plant, which had been originally planned to operate until at least 2042, will be closed by 2040 as part of its plan to transition away from coal.
Vietnam energy transition: LNG imports to start in 2022
Vietnam will begin importing liquified natural gas (LNG) in 2022 as part of plans to lower carbon emissions from its electricity consumption. The country’s import demand for LNG will increase to 5 million metric tonnes (mt) by 2025, 10 million mt by 2030 and 15 million mt by 2035, according to Vietnam’s Minister of Industry and Trade Nguyen Hong Dien.
AIIB plans refinancing of Vietnamese hydropower plant
The Asian Infrastructure Investment Bank (AIIB) is in discussions to share in a US$95 million refinancing of a Vietnamese hydropower plant. The proposal, details of which were disclosed by AIIB in September, consists of a US$47.5m ‘A loan’ from AIIB and US$47.5m ‘B loan’ participation from commercial banks. The loan will be used to refinance the existing debt of the 125 megawatts (MW) Dakdrinh hydropower plant in central Vietnam, which is majority owned by the country’s state-owned PV Power.
Vietnam approves road plan for next 10 years
Vietnam’s prime minister Pham Minh Chinh has approved the country’s road development plan for 2021-2030. The plan aims to build over 5,000 kilometres (km) of expressways by 2030, up from 3,841km in 2021, according to a local report. A draft version of the plan listed 25 road construction projects which will be prioritised for investment in 2021-2025. The plan allows for flexibility.
Jera sells stake in Indonesia's coal fired plants operator
Japan’s power generator Jera has sold its 14% stake in Indonesia’s PT Paiton Energy, which operates coal power plants, to a unit of energy company PT Medco Daya Abadi Lestari for an undisclosed sum. Current shareholders of Paiton Energy include Mitsui, Nebras Power, Medco Energi Sentosa and Batu Hitam Perkasa, a subsidiary of Toba Bara Sejahtra.
Thailand’s SOEs invest over Thb100bn in energy infrastructure projects
Thailand’s state-owned enterprises (SOEs) have invested over Thb100 billion ($3bn) in energy infrastructure projects between January and June this year. According to Thailand’s deputy government spokeswoman Rachada Dhanadirek, most investment has gone into large projects by PTT Plc and the Electricity Generating Authority of Thailand (EGAT) and their subsidiaries.
AC Energy and NEFIN to work on distributed solar projects
Philippines’ AC Energy and Hong Kong-based solar developer NEFIN will work on distributed solar projects to work towards carbon neutrality in Asia. AC Energy’s wholly owned subsidiary AC Renewables International (ACRI) will form a joint venture with NEFIN to develop, build and operate rooftop solar projects across Asia. According to the statement, distributed power generation is expected “to be an increasingly important pillar of the global energy transition”.
Thailand to relax gas import restrictions
Thailand’s energy regulatory the Energy Regulatory Commission (ERC) will relax restrictions on the independent importing of liquefied natural gas (LNG), ending national oil and gas conglomerate PTT’s control of much of the market. PTT had largely monopolised LNG import since 2011. Seven other companies were given LNG shipper licences but they were only allowed to sell to companies which did not already have long-term purchase agreements with PTT.
ADB plans $1.7bn loan for Philippines rail project
The Asian Development Bank (ADB) said it will approve a $1.75 billion loan for Philippine’s South Commuter Railway project. “The Philippine government held successful biddings for civil works contracts for a combined 40.5km of viaduct structures for the South Commuter Railway Project, a major flagship project the ADB is preparing for funding support for consideration by its Board of Directors in the fourth quarter of this year,” the bank said in a statement.
Indonesia all-renewable power generation by 2060
Indonesia wants to make sure all power plants are producing energy only from renewable sources by 2060. It is reported that Indonesia’s state-owned electricity distributor Perusahaan Listrik Negara (PLN) has prepared plans for large scale green energy power plants and will increase investment in them to prepare for its prediction that Indonesia’s electricity demand will increase five fold by 2060.
Indonesia sets 2060 net zero goal
Maritime affairs and investment minister Luhut Binsar Pandjaitan said he was optimistic the country could reach net-zero emissions by 2060 or “even earlier”. According to a local news agency, the Energy and Mineral Resources Ministry expects the energy sector to reach net zero by 2060. By that time, renewable energy is expected to generate up 85% of the energy used, and nuclear power 14%. By 2030 coal will still be providing 62% of the country’s energy, with renewables supplying 36%.
Indonesia aims to have over 5,000km of toll roads by 2024
Indonesia’s Ministry of Public Works and Public Housing (PUPR) has said that it wants to extend its 2,000km network of toll roads to 5,000km in 2024. PUPR minister Basuki Hadimuljono said 406km including 19 toll roads will be completed in 2021. Seven sections spanning 52km including the 14.2km Cengkareng – Batu Ceper – Kunciran Toll Road have become operational.
Offshore wind to power Japan’s largest green hydrogen plant
Japan plans to build its biggest hydrogen plant which will be powered by offshore wind energy. The plant will be located in northern island of Hokkaido and is part of Japan’s initiative for decarbonisation. It is expected to be operational in 2024 with a capacity to generate 550 tonnes of hydrogen per year equivalent to fuel need of over 10,000 hydrogen-powered cars, according to a report.
Foreign funds invest in Indonesia’s new sovereign wealth fund
Investors from the US, United Arab Emirates (UAE) and Japan have committed $16 billion of investment to Indonesia’s new sovereign wealth fund Indonesia Investment Authority (INA). INA chief risk officer Marita Alisjahbana said that the United States International Development Finance Corporation (DFC) will invest $2bn in the fund. The UAE previously promised to invest $10bn and the Japan Bank for International Cooperation (JBIC) said it would invest $4bn, making the total investment $16bn.
Japan approves ¥4.4 trillion yen for carbon reduction
Japan’s cabinet has approved budget request guidelines for 2022, setting aside ¥4.4 trillion yen ($40 billion) for policies such as carbon reduction under Japan’s green growth strategy. The budget request guidelines highlight Japan’s prime minister Yoshihide Suga’s aim of promoting investment in four areas including digital, green, regional economies and childcare to support long term growth.
Power arm of Thailand's PTT to invest $635m in Asian renewables
Global Power Synergy, the power arm of Thailand’s state-owned oil and gas group PTT, will invest THB20 billion ($635 million) in renewable energy across Asia including China and India. The company will borrow the fund from PTT for investment focusing on solar and wind projects. The company is reported to be aiming to have 30% of the power it generates come from renewables, including hydropower, up from the current 12%.
Vietnam’s EVN progresses Quang Trach thermal power plant
State-owned Vietnam Electricity (EVN) has signed a VND30.23 trillion ($1.31 billion) engineering, procurement and construction (EPC) contract for the 1.2 gigawatts (GW) Quang Trach 1 thermal power plant in Quang Binh province, Vietnam. The total cost of the project is VND41.14tn ($1.8bn) with EVN bringing 30% of the capital funding and the rest coming from commercial loans, according to local press reports. It will be EVN’s first project using banks’ loans without government guarantees.
Mainstream to buy stake in 405MW of solar in Vietnam
Wind and solar company Mainstream Renewable Power has acquired an 80% stake in Vietnam’s Technology and Development Joint Stock Company (D&T), which has three solar projects with a combined 405 megawatts (MW) of generating capacity in Dak Nong province, central Vietnam. The three projects are listed in the Vietnam government’s power development plan VII (PDPVII) which has been in development since 2019 and will be reaching financial close in 2022.
Decarbonisation of Greater Bay Area requires further inter-regional cooperation
The governments of mainland China and Hong Kong both have policies and measures in place to boost green financing and the decarbonisation of the economy of the Greater Bay Area (GBA), and there are signs of increasing cross border cooperation on the issue. But further harmonisation of approaches could further boost investment in projects funded by green financing.
Indonesia to add 41GW of electrical power in 10 years
The Indonesian government plans to build power plants with a capacity of up to 41 gigawatts (GW) over the next 10 years, according to the draft Power Procurement Plan (RUPTL) of state-owned electricity distributor Perusahaan Listrik Negara (PLN).
Vietnam to build 4000km expressway using PPP
Vietnam’s government will build 4,000 kilometres (km) expressway under the private-public partnership (PPP) model across the country by 2030 as part of the national expressway network. According to Ministry of Transport (MoT)’s draft 10-year plan (2021-2030) development plan, the cost of the proposed projects is up to VND825 trillion ($35.75 billion).
AIIB hopes $150m investment will kick-start private infrastructure funding
The Asian Infrastructure Investment Bank (AIIB) will invest $150 million in an infrastructure fund, hoping to support the use of private capital to finance infrastructure projects in Asia Pacific. The AIIB will become a limited partner investor in the Singapore-based Keppel-Pierfront Private Credit Fund. The investment is reported as including $100m investment and $50m co-investment which means AIIB will invest $50m on projects alongside the fund but not through the fund.
Indonesia’s PLN to stop building coal plants by 2023
According to PLN president director Zuklifli Zaini, the company will “commit to only adding renewable energy” in the future and achieve carbon neutrality by 2050. Zaini said PLN would have to generate about 1,500 TWh of renewable-generated electricity to achieve zero emissions by 2050. The company seeks to use renewables to raise the output. PLN also plans to implement co-firing at 52 coal plants across the country by 2025 to reduce emissions. It has so far begun co-firing at 11 coal power plants.
Mitsui plans solar plant in Philippines with local partner
Japanese company Mitsui and Philippine independent power producer Global Business Power Corp will jointly develop a 115 megawatt (MW) solar project in the Philippines. It is reported that the project will be located in the northern province of Rizal and is expected to cost ¥7 billion yen ($63.8 million). 40% of the cost will be covered by Mitsui. The plant is expected to be completed by March 2022. Its power will be sold to Philippines’ largest distributor Manila Electric for 20 years.
Japan strengthens 2030 emissions reduction target
It almost doubled its previous target of a 26% reduction from 2013 set in 2015. According to a Bloomberg report, Suga said Japan’s government would provide support to maximise “utilisation and investment in zero-carbon power sources such as renewables”, and he would instruct ministries to “accelerate considerations” on how to address the issue.
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