Investors urged to support Kingdom’s energy goals

Investors urged to support Kingdom’s energy goals

Cambodia yesterday welcomed strategic partnerships and investments from across the region to achieve its targets of 70 percent installed renewable energy capacity and a 19 percent decrease in Total Final Energy Consumption (TFEC).

While encouraging regional investors at the Cambodia-ASEAN Business Summit 2024 to join the clean energy initiatives of the Kingdom, Keo Rottanak, Cambodia’s Minister of Mines and Energy, said that the country is also committed to achieving its target of carbon neutrality by 2050.

The minister, in his keynote remarks, said the Kingdom has devised a four-point strategy to achieve its green energy goals. First, it is increasing domestic deployment of renewable energy, energy efficiency and electrification across buildings, transport and industry.

Secondly, the country is building a resilient grid that can adapt to changing conditions and demands. It is also working with neighbouring countries to make cross-border electricity trading a reality.

The fourth strategy is formulated around capacity building of local workers to meet the demands of the green transition. “We will promote investments specifically targeted to support these critical areas, ensuring that the transition advances environmental goals and contributes to economic development and regional cooperation,” Rottanak said.

The minister noted that the pledges made at COP28 laid a good foundation but the true test will be in the implementation and scaling of the initiatives. “A multifaceted approach is essential for a successful transition to clean energy and net zero,” he said.

Underpinning its commitment to regional collaboration, the Ministry of Mines and Energy has been actively engaging in regional dialogues on power trade within ASEAN. “Since taking over my ministerial role, I have consistently engaged with like-minded partners to continue strengthening cross-border grid interconnections and make the ASEAN power grid a reality,” Rottanak said.

Later while joining a panel discussion, the minister said that Cambodia is also actively engaging with stakeholders to formulate a policy on electric vehicles (EVS). It is expected that 40 percent of cars and 70 percent of motorbikes in Cambodia will be EVs by 2050.

“The EV policy will contain incentives for investors, especially for those investing in assembly units and charging stations,” he said. To a question, the minister said Cambodia will have enough clean energy to power electric vehicles.

To a question on ‘high energy charges’ in Cambodia, the minister said that compared to many countries in the world, the country has lower tariffs. The tariffs, he added, will become more affordable as the country progresses with its clean energy initiatives.

The panel discussion was participated apart from the minister by Meas Soksensan, Secretary of State from Minister of Economy and Finance, Paul Clements, Chairman of International Business Chamber of Cambodia and Thanongsinh Kanlagna, Vice President of the Lao National Chamber of Commerce and Industry and Chair of ASEAN Business Award 2024. Lorraine Hahn, former news anchor of CNN was the moderator. khmertimeskh

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