In the words of the chief executive officer (CEO) of the Philippines-centered energy company, Southeast Asia is undergoing an energy shift, and there is a potential to build up renewables in the area, which is a good thing. AC Energy Chief Executive Officer John Eric Francia stated, “We’re quite bullish on renewables, certainly in Southeast Asia,” and added that the company has gained significant momentum since shifting its focus to greener energy in 2016.

According to him, AC Energy currently has 2,100 megawatts of renewable capacity and plans to raise it to 5,000 megawatts by 2025. It claims that around 80 percent of its capacity originates from renewable sources. The company has projects in Indonesia, India, the Philippines, Vietnam, and Australia. He recognized that the change will be gradual, but told CNBC’s “Street Signs Asia” those recent incidents have pointed to the potential of renewable energy as a source of opportunity.

The volatility that is occurring in the global markets for fossil fuels and other commodities, as well as the unexpected return of demand in many markets as a result of the epidemic, “I believe we have a fantastic chance to really scale up renewables,” he said. Energy costs are soaring in Europe as a result of a gas shortage, and poor wind output makes it impossible for some nations to meet their energy requirements. Europe is experiencing an energy crisis as a result of a gas shortage as well as low wind output.

The United Kingdom has restarted an ancient coal power plant in order to generate more electricity, and analysts believe that the European Union’s green aspirations could be jeopardized by rising natural gas prices. Renewables, in conjunction with battery storage technology, according to AC Energy’s Francia, can fix this problem over the next few years, describing it as a “huge opportunity.” He believes that battery storage is a vital component and facilitator, especially given the intermittent as well as renewable nature of the energy sources such as wind and solar.

According to him, “with the assistance of the electric vehicle industry, battery storage has become more scalable and competitive,” and he predicts that it will be ready in 3 to 5 years. For the time being, governments must plan for the shift to clean energy and employ alternative fuels to supplement renewables, according to Francia.

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