Cambodia Paving the Way for Major Renewable Energy Deal with Singapore

Source: www.gulfoilandgas.com 4/6/2023, Location: Asia

Cambodia is leading Southeast Asia's transition to cleaner energy, and it's gaining momentum. Following the submission of the country's long-term strategy for carbon neutrality to the United Nations, the Royal Government introduced the Power Development Masterplan (PDP) and the National Energy Efficiency Policy (NEEP) to the public. These initiatives demonstrate the government's unwavering commitment to the energy transition and the nation's first long-term energy plan for coordinated and strategic energy direction.

"By adopting best practices, we can reduce our greenhouse gas emissions, create new jobs, and position Cambodia as a leader in the region," said Prime Minister Hun Sen. "Investing in energy efficiency and renewable energy is key to building a more sustainable future for our people and our planet."

Energy efficiency is a critical aspect of Cambodia's clean energy transition, with the government committing to reducing energy consumption by 19% in relation to business-as-usual levels by 2030. The National Energy Efficiency Policy lays out strategic directions, priority areas, and sectoral targets, with Minister of Mines and Energy, Suy Sem, stating that "To harness the full potential of energy efficiency, developing a robust policy and regulatory framework, building stakeholder capacity, raising awareness of the benefits, and supporting private sector investment are crucial."

Furthermore, Cambodia is currently working with Singapore to become a major exporter of clean energy in the region. The deal, which is still at the commercial negotiation stage, would see Singapore importing 1 GW of renewable energy annually from Cambodia, making up a quarter of their low-carbon electricity imports by 2035. The potential exports to Singapore would contribute to Cambodia's positive impact on the world and solidify its position as a leader in the clean energy industry in the region while mitigating the impact of climate change on the planet.

"By prioritizing renewable energy sources, Cambodia is creating a competitive economic advantage while mitigating the impact of climate change and promoting sustainable development," said Minister of Environment Say Sam Al. "Investing in energy efficiency and clean energy technologies creates new economic opportunities and enhances the well-being of our citizens. Cambodia's unwavering dedication to a more resilient, inclusive, and sustainable development path will inspire others to join us in the global effort towards a cleaner, healthier, and more prosperous future."

As Cambodia continues to build towards an inclusive and competitive economy, the Power Development Masterplan and the National Energy Efficiency Policy will ensure that power prices remain stable and affordable. This will help Cambodia reach its development goals across sectors and position itself as a key player in the region on energy efficiency and renewable energy.

Bold and visionary leadership in transitioning towards clean and green energy sources is crucial for securing a sustainable and prosperous future for all. Cambodia's commitment to sustainable energy and energy efficiency not only creates economic opportunities, promotes public health, and enhances the overall well-being of its citizens but also gives the country a competitive advantage in the regional marketplace. With ambitious goals and continued investment in sustainable technologies, Cambodia's positive impact on the world will be felt for generations to come.


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