"Previously, the clean energy transition in the region was mainly driven by economic considerations-particularly the growing expectations from companies for access to low-carbon electricity. However, geopolitical shocks like the Iran war bring the energy security dimension back into sharper focus."
"The region's first attempt at nuclear power, the Bataan Nuclear Power Plant, was built in the Philippines in 1976. Commissioned by President Ferdinand Marcos in the wake of the 1973 oil shock, the plant was completed in 1984 at a cost of roughly $2.2 billion. But the plant was never used, due to accusations of government corruption and waning public support for nuclear energy following the Chernobyl disaster in 1986."
Southeast Asia is facing a renewed energy crisis, prompting countries to reconsider nuclear energy. Rising global oil and gas prices, exacerbated by geopolitical tensions, have accelerated plans for energy efficiency. Vietnam has signed a deal with Russia to build the region's first modern nuclear power plant in Ninh Thuan province, expected to be operational in a decade. Other countries like Malaysia, Indonesia, Thailand, and the Philippines are also exploring nuclear options, shifting focus from economic to energy security considerations.
Read at Fortune
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