Image: Rystad EnergySoutheast Asia is setting its sights on pumped storage hydropower to help it become a clean energy powerhouse over the next few years. The region is currently massively reliant on fossil fuels, with 64% of its total power generation coming from fossil fuels, according to data from energy research specialists Rystad.
The company’s latest data on Southeast Asia showed that the region is targeting a major clean energy turnaround – going from 2.3 GW of pumped hydro today to 18 GW by 2033. This is almost an eightfold increase in capacity in just under a decade.
Rystad’s figures say that there is currently 2.7 GW of pumped hydro storage under construction, while the remaining 13.3 GW is in various stages of development. This activity is projected to attract an estimated total investment of between $12 billion and $70 billion.
Thailand and the Philippines are currently the main renewable energy hotspots in Southeast Asia. Thailand is expected to add a capacity of 1.6 GW by 2033. However, Rystad’s data predicts that the Philippines will soon surpass Thailand as the country with the most pumped hydro capacity. The Philippines has around 5.7 GW of capacity in its pipeline.
