KUALA LUMPUR, May 6 (Xinhua) -- Southeast Asia-6 (SEA-6) - Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam - saw a notable 43 percent spike in private green investments to 8 billion U.S. dollars in 2024 compared to the previous year, with Malaysia and Singapore contributing over 60 percent of deals, a report showed Tuesday.
According to the latest Southeast Asia's Green Economy report by Bain & Company, GenZero, Google, Standard Chartered and Temasek, power continues to hold two-thirds share of green investments in the region with an increase in deal sizes.
Within the sector, solar witnessed the biggest jump (100 percent) in investments, while waste management deals increased 60 percent year-on-year, driven by water treatment and recycling projects.
It is noted that corporations continue to lead green investments strongly in SEA, as with India and South Korea.
Climate funds' and infrastructure funds' interest in the region also grew significantly by four times and 14 times, respectively.
Notably, foreign investments from outside Asia Pacific (APAC) to SEA-6's green economy more than tripled over the last year, while foreign investments from APAC doubled.
The report also showed that coupled with wider collaboration across APAC, the green economy could drive significant regional economic impact - with SEA-6 economies potentially reaping up to 120 billion USD in gross domestic product (GDP) growth, 900,000 new jobs, and closing up to 50 percent of the emissions gap by 2030. ■
