Who’s winning the green investment race in Southeast Asia?

The document analyzes the competitive landscape of green investment in Southeast Asia, highlighting China as the leading public investor in clean energy between 2013 and 2023. It details the specific technological strengths of investor nations—such as Japan's lead in geothermal and solar and China's dominance in wind and hydropower—while examining the strategic frameworks used, including China's Belt and Road Initiative and Japan's Asia Zero Emissions Community. The report also notes significant financing gaps in the region, where annual renewable investments of USD 8 billion fell far short of the USD 27 billion required to meet 2025 targets.

• China was the largest public investor in clean energy across the key ASEAN markets of Indonesia, Philippines, Thailand, Malaysia, and Vietnam from 2013 to 2023, contributing over USD 2.7 billion.
• Investment leadership varies by technology: Japan led in geothermal (approx. USD 1.3 billion) and solar (approx. USD 142 million), while China led in wind (approx. USD 1.28 billion) and hydropower (USD 1.1 billion) between 2013 and 2023.
• ASEAN faces a substantial financing gap for its energy transition; between 2016 and 2021, the region received USD 8 billion annually in renewables, whereas USD 27 billion per year was needed to reach the target of 23% renewables in primary energy supply by 2025.
• China's Belt and Road Initiative (BRI) has shifted toward "green development," with renewables accounting for approximately 30% of all BRI energy investments in 2024, totaling a record USD 11.8 billion.
• Japan's Asia Zero Emissions Community (AZEC) is a primary cooperation platform, though Zero Carbon Analytics found that over a third of AZEC deals include fossil fuel technologies like liquified natural gas (LNG), while only roughly 34% support renewables.

APA

Team, Z. (2025). Who’s winning the green investment race in Southeast Asia? Zero Carbon Analytics. https://zerocarbon-analytics.org/insights/briefings/the-race-to-invest-in-southeast-asias-green-economy/

Chicago

Team, ZCA. Who’s winning the green investment race in Southeast Asia? Zero Carbon Analytics, 2025. https://zerocarbon-analytics.org/insights/briefings/the-race-to-invest-in-southeast-asias-green-economy/.

Wikipedia

{{cite report |last1=Team |first1=ZCA |title=Who’s winning the green investment race in Southeast Asia? |publisher=Zero Carbon Analytics |date=20 May 2025 |url=https://zerocarbon-analytics.org/insights/briefings/the-race-to-invest-in-southeast-asias-green-economy/ |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{team2025whos, author = {Team, ZCA}, title = {{Who’s winning the green investment race in Southeast Asia?}}, institution = {Zero Carbon Analytics}, year = {2025}, month = may, url = {https://zerocarbon-analytics.org/insights/briefings/the-race-to-invest-in-southeast-asias-green-economy/}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }