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1、EnablingaNetZeroworldExploringcorporatedecarbonisationambitionsandaspectsofrenewableenergyprocurementandcarbonoffsetsinSoutheastAsiaDecember2023AcknowledgementsKey authorsExploring corporate decarbonisation ambitions and aspects of renewable energy procurement and carbon offsets in Southeast Asia wa
2、s produced by PwC Singapore.PwC SingaporeFang Eu-Lin (Sustainability and Climate Change Practice Leader)JenniferTay (Asia Pacific Infrastructure Leader)Shawn Wang (Senior Manager)Rachel Woo (Associate)PwC contributorsSpecial acknowledgementsInternational Emissions Trading Association (IETA) Bjdrn Fo
3、nden (International Policy Advisory)Morgane Kundert (International Policy Assistant, IETA)Ian Milborrow (Partner, Climate Finance and Net Zero, PwC UK)Indrie Tjahjadi (Director, PwC Singapore)Simon Burns (Senior Manager, PwC Singapore)Srikkanth Ramachandran (Manager, PwC Singapore)Levine Thio (Senio
4、r Associate, PwC Singapore)We would like to thank IETA for their contributions of knowledge and insights on carbon credits and the global decarbonisation landscape. Please note that an acknowledgment here does not imply an endorsement of the views presented in this report.Nithyanandam Yuvaraj Dinesh
5、 BabuExecutive Director, Climate Action Data TrustRene VelasquezFounder, Carbon Exposure ProjectRiza SuargaChairman, Agraus ResourcesRussell QuekSenior Managing Consultant, South PoleZhao TanBoard Member, REDEXWewouldalsoliketothankthefollowingindustryleaderswhoprovidedvaluableinsightsandcontenttoth
6、isreport:AlvinLeeRegionalHeadofPuro.earth,APACBryanMcCannDirectorofSupply,ClimateImpactXDharsonoHartonoCEO,PT.RimbaMakmurUtamaGuaiTiHoweCFO,REDEXJenWeeKangFounderandCEO,REDEXNadiyaNairStrategy&DevelopmentTeamLead-RenewableEnergy&CarbonMarkets(APAC),ACTCommoditiesReport highlights04The decarbonisatio
7、n landscape in Southeast Asia072.1 Net Zero ambitions in Southeast Asia (SEA)2.2 Corporates are facing pressures to decarboniseUnpacking Net Zero133.1 Context3.2 Carbon neutral3.4 Actions beyond a companys Net Zero targets3.5 Net Zero3.6 Steps for corporate decarbonisationExploring renewable energy
8、procurement methods and renewable energy certificates (RECs)174.1 Why procure renewable energyConsidering REC procurement4.2 RECs in the context of SEA4.4 Ongoing discussions on RECs4Exploringcarbonoffsets5.1 Whypurchasecarbonoffsets5.2 Carbonoffsettingoptions5.3 CarbonoffsetprojectsinSEA265.4 Consi
9、dering carbon credits5.5 Ongoing discussions on carbon creditsAppendixclMinformationprovidedisnotintendedtobesufficientforyoutorelyontomakeadecision.Werecommendthatyouconsidertheappropriatenessoftheinformationinthisreporthavingregardtoyourspecificcircumstancesandobtainindependentadvicebeforemakingan
10、ydecision.ReporthighlightsReporthighlightsThe decarbonisation landscape in Southeast AsiaUnpackingNet ZeroExploring renewable energy procurement methods and renewable energy certificates (RECs)Exploring carton offsetsAppendixThereportaimsto: HighlightthestateofNetZeroambitionsinSEA(includingcorporat
11、es) Inspirecorporatestoraisetheirambitions,andtocontributefurthertothedevelopmentofdecarbonisationinSEA Informwhatrespectiveemissionreductionambitionsentail ProvideconsiderationsforcorporatesinSEAastheydecarboniseandutiliseRECsandcarboncredits(CCs),includingunderstandingdevelopingareas.Thedecarbonis
12、ationlandscapeinSoutheastAsia(SEA):ThecriticalimportanceofreducingemissionsinSEAisdrivingbothgovernmentsandcorporatestoact,despitetheuniqueregionalchallengespresent.Asoneoftheregionsmostimpactedbyclimatechangeanywhereintheworld,amajorityofcountriesinSEAhavenowoutlinedtheirNetZeroambitions.Whilecount
13、riesinSEAaretakingvariousinitiativestooperationalisetheirNetZeroambitions,significantchallengesremainsuchasitshigherexposuretofossilfuels.Nonetheless,countriesinSEAaremakingitsdecarbonisationeffortsthroughnewandemerginggovernmentpolicies.Itisalsoobservedthattherecanbesignificantpotentialforrenewable
14、energyandnature-basedandtechnology-basedsolutionsintheregion.CorporatesinSEAareincreasinglytakingactionondecarbonisationduetovariousreasonsincludingincreasingjurisdictionalandinternationalpressures.UnpackingNetZero:Corporatecommitmentsandambitionsandwhattheymean.Commitmentsthatcorporatesarechoosingt
15、ofollowincludeuNetZeronoruCarbonneutra,andtakingactionsbeyondtheirNetZerocommitments.Thispaperexploresthedifferencesbetweentheseanditsnuances,andthestepsthatcompaniescantaketoReduce,ReplaceanduRemoveorAvoidcarbonemissions.Reduceinvolvesthemitigationofemissionsthroughacompanysownoperations,whichshoul
16、dbethefirstandprimarysteptakenbyanentitytodecarbonise.Replacesourcesofemissionsandenergyfromfossilfuelswithgreeneralternativessuchasrenewableenergy.ThisiscrucialtoreducingScope2emissions.Removeoravoidcarbon-thisisalsonecessaryintheoveralldecarbonisationjourneytomanagehardtoabateemissionsormakeeffort
17、soutsidecorporatesbusinessactivities.However,thisshouldnotbeusedasasubstituteforeitherReduceorReplace.RECsandCCscanbeexploredtoaidwithrespectivecommitments.FinancingarisingfromsuchalsosupportfurtherdevelopmentofsuchprojectsinSEA.WehighlightinthefollowingpageanoverviewofconsiderationsovertheuseofRECs
18、andCCsinSEA.highlightsAppendixUnpackingNetZerodecarbonisationlandscapeinSoutheastAsiaExploringcartxnoffsetsExploringrenewableenergyprocurementmethodsandrenewableenergycertificates(RECs)Overview:ConsiderationsovertheuseofRECsandcarboncreditsThesummarybelowprovidesaone-pageoverviewcoveringthereasonsfo
19、rcorporatestodecarbonise,commonambitionslevelsobserved,corporatedecarbonisationsteps,aswellasconsiderationsforcorporatestotakeregardingRECsandcarboncredits.GMQwKypotaIofcomdraonRfCm*tbUMvwtf*wt*MMvtfMgvyrREC4vftolo4ccor*vf*OMO*vtcm.20and29O*0MdtoCUMMMI(P02S1Whyptc4tMCC7)Pa27CenHMy*buCto-IZftergeuMdf
20、tonr*dkjaif*MW.(MtthtrtowvnotMPrCt*HXnc*M4gfyec.toZmon offsetsAppendixAccording to the Intergovernmental Panel on Climate Change (IPCC), in order to limit global warming to 1.5, greenhouse gas (GHG) emissions must peak before 2025 and be reduced by 43% by 20301.This will require rapid decarbonisatio
21、n and collaboration across both the public and private sector. Given the scientific consensus, many countries globally have made Net Zero commitments.Over 100 countries have set Net Zero targets, with most having done so between 2019 and 20202.Southeast Asia (SEA) is especially susceptible to the wo
22、rst impacts of climate change3, and the region is continuing to make efforts to decarbonise4. Of those SEA countries which have set targets, most did so between 2020 and 2022.In order to achieve Net Zero, countries can take various steps. These include but are not limited to the following:Apply mark
23、et mechanisms aimed at delivering emissions reductions such as carbon taxes or emissions trading schemes (ETS)Apply industry-related regulations e.g. energy efficiency for buildings, incentivising the rollout of electric vehicles adoptionIncentives for low carbon businessesPlanning for a diverse ene
24、rgy mix with more clean energyTheprogressofimplementationstrategiesinSEAandotherpartsoftheworldarehighlightedinTable1.Figure1:TimelineofSoutheastAsiacountriessettingNetZerotargetsMar2020Halveemissionfromitspeakby2050withaviewtoNetZeroassoonasviableinthesecondhalfofthecenturyUpdateonFeb2022toNetZerob
25、yoraroundmid-centurySep 2021Malaysia Net Zero by 2050Sep 2022IndonesiaNet Zero by 2060Sep 2021Vietnam, Brunei Net Zero by 2050UpdatedonOct2022toNetZeroby2050ReporthighlightsThedecarbonisationlandscapeinSoutheastAsiaUnpackingNetZeroExploringrenewableenergyprocurementmethodsandrenewableenergycertifica
26、tes(RECs)ExploringcartxnoffsetsCountryNetZerotargetsCarbonmechanismsRE*targetsExampleREstrategies/regulationsBruneiNetZero205030%generationby2035EnergyWhitePapersetsframework0CambodiaCartxnNeutral205027.7%hydro,17.9%solar,etccapacityby20307PowerDevelopmentMasterPlan2022-20407今IndonesiaNetZero206044%
27、generationby2030*82023NationalbudgetRenewableEnergyDevelopmentOLaosNetZero205030%consumptionby2025RenewableEnergyDevelopmentStrategyinLaoPDRMalaysiaNetZeroearliestby205070%capacityby20509NationalEnergyTransitionRoadmap(NETR)9MyanmarNoNetZerotargetshavebeenset11%newcapacityby2030MyanmarEnergyPolicy(2
28、015),NationalElectricityMasterPlan(2014),0PhilippinesNoNetZerotargetshavebeensetREmixof35%by2030and50%by2050GreenEnergyAuctionProgramme(GEAP)11GreenEnergyOptionProgramASingaporeNetZero20504GWofrenewableelectricityimportsby20352GWpdomesticsolarcapacityby2030SingaporeGreenPlan2030ThailandNetZero2065*A
29、30%consumptionby2037,2PowerDevelopmentPlan2018-2037OVietnamNetZero205060%solarandwindcapacityby205013SupportmechanismfordevelopmentofRE2014EUEconomyNetZeroby205045%mixby2030RePowerEUPlan事IndiaNetZero2070500GWcapacityby2030RenewableenergyinvestmentOeUKNetZero205070GWsolarby203W4PowerUpBritain-EnergyS
30、ecurityPlan4笔l三=3USNetZero2050(insomestates)80%generationby2030AmericasStrategytoSecuretheSupplyChainforaRobustCleanEnergyTransition9NewZealandNetZero205050%consumptionby2035ClimateChangeResponse(ZeroCarbon)AmendmentAct2019,sTable1:OverviewofdecarbonisationtargetsandinitiativestakenbySEAcountriesand
31、globalpeers56.Implemented.Considerationstaken.Nonewsonimplementations.Inprogressofimplementation1 Renewableenergy(RE)targetsthathavebeenannounced2 *TargetisnditionaliftheJETPmmitmentcanbemet*ThailandhasanETSexchangelaunchedandacarbontaxunderconsideration4 *VietnamhasETSlegalised-PilotCarbonExchangef
32、rom20255POIiCieSdatabaSe(2023).IEA61CAPETSMaP(2023).InternationalCartxjnActionPartnership(ICAP)7PsverDeVeioPrnentfasterdan2022-2040(2022).RoyalGovernmentofCambodiaaJETPInVeStmenlPIanLaunched:IndOnesianGOvernmantAimSIorSwiu!mprnenlat)n(2023),JETPSummaryofheNaliOnalEnergyTransitionRoadmaPNavgati11gthe
33、IanSiGNStaQO(2023).PwCMalaysia10 RenewableEn&roySiluaiionl11Myanrnar(2023)lTechnologyandInformaticsInstituteforSustainability11 GreenEneraYAUCtiOnPrOqraminIhePhiIipOineS(2021).DepartmentofEnergyPhilippines12 TbailandReneWableEnerQy(2021),InternationalTradeAdministration13 VietnamsEighthNaliOnalPsver
34、DeVetoDmemPIanf2023LPwCVietnam14 POWerinqUDBmainEneraVSeCUritVPIan(2023).HMGovernment15 NeWZeatarXj2023EnerqVPolicvReview(2023)、IEAReporthighlightsThedecarbonisationlandscapeinSoutheastAsiaUnpackingNetZeroSoutheastAsia,potentialanddecarbonisationeffortsExploringrenewableenergyprocurementmethodsandre
35、newableenergycertificates(RECs)SoutheastAsia,scontextBasedonPwC,sreportsCodeRed-AsiaPacificsTimetoGoGreen116and,RegionalelectricitytradeinASEAN-Theroadaheadtoanintegratedandgreenerelectricityfuture17,SEAneedstoaccelerateitspaceofdecarbonisation.However,SEAisalsofacingitsuniquechallenges.Thesechallen
36、gesinclude,butarenotlimitedto:Exploringcartxnoffsets1. Dependenceonfossilfuels2. Risingenergydemandsduetoexpectedeconomicgrowth183. Unevendistributionofrenewableresources4. AbsenceofregionalelectricitytradingplatforminSoutheastAsiaAppendixGiventhecontext,SEAcanbeseentoberelativelylessadvancedinitspr
37、ogressofimplementingdecarbonisationstrategiesandleverscomparedtootherpartsoftheworldduetouniquechallenges.RenewableenergypotentialHowever,SEAdoeshavenotablepotentialinareassuchasrenewableenergydevelopment.Forexample,theprospectsforwindpowergenerationinVietnamaresignificant,withanestimatedpotentialof
38、311GW19.Additionally,VietnamhasalsosurpassedMalaysiaandThailandtoreachthelargestinstalledcapacityofsolarpanelsinSEA20.CountriessuchasthePhilippinesalsoshowpotentialinwindpower,whichisexpectedtodrivetheregionalmarketgrowth.Concurrently,governmentshavealsobeguntopreparestrategicplanstopursuerenewablee
39、nergy.Forexample,CambodiasPowerDevelopmentPlanaimstohavetwo-thirdsofthecountryspowerderivedfromrenewableenergyby2030.Asawhole,therearegrowingopportunitiesforSEAtoenhancetheroleofrenewableswithinregionalenergymixesandinturndeliverdecarbonisation.r,CodeRedAsaPacificsTlmeToGo(2021),PwCAsiaPacific7ReaiO
40、nalHeCtAciNtradeinASeXn-hsroadaheadtoanintegratedandreenereecircvfuture(2022),PWCSingaporeHSOUtheaStAsiasGreenE8nomy;CraCngtheCode(2023).Bain&CompanyUtilisationofRECsandCCsbycorporatesTheincreasingprovisionofrenewableenergyinSEAcouldalsobenefitcorporatesineffortstodecarbonisetheiroperations.Withther
41、egionrequiringcapitalandfinancetoimproveitsinfrastructureandtechnology,privatecapitalandfundingcouldhelptoharnessandcapitaliseonthepotentialofrenewableenergyintheregion.Renewableenergyprocurementmethodssuchasrenewableenergycertificates(REC)providebothfinancefortheserenewableenergyprojectsinSEAandact
42、asrecognisedcertificatesforcompaniestoclaimrenewableenergyusageandreducetheirScope2emissions.Similarly,theappropriateuseofcarboncredits(CCs)couldbeleveragedupontofurtherdirectcapitalintonature-basedsolutionsandtechnologicalinnovationsthatcanhelpremovecarbonfromtheatmosphere,reduceemissionfromexistin
43、gprojectsoravoiditbeingproducedinthefirstplace(formoreinformation,seepage29).Astheglobalvoluntarycarbonmarket(VCM)continuestogrow,currentlyatoverUSD2billion,itisapotentialfinancingtoolforaregionwithvastcarbonoffsettingopportunities21.Furthermore,countriessuchasMalaysia,Indonesia,andVietnamhaveforest
44、coverofapproximately55%,53%and47%respectively,providingmanyopportunitiesforforestmanagement,afforestation,andREDD+projects.Asidefromnature-basedsolutions,someofthelargestcarboncreditprojectsintheregionstemfromemergingtechnologicalsolutionstopromotelow-carboninfrastructuresuchasbiomasscookstoves,rice
45、huskbiocharanddirectaircapture.Assuch,withthenecessarycapitalandfinance,renewableenergyandcarbonoffsetprojectscannotonlyhelpcountriesinSEAtoreachtheirnationaltargets,butcorporatestoleverageandharnesssuchfinancingoptionstodecarbonise.Againstthatbackdrop,thisreportaimstoexploretheuseofrenewableenergyprocurementandcarbonoffsetsan
