Page 98 - Ebook HTKH 2024

and taking advantage of opportunities to develop new industries and enhance social
welfare.

Achievements in green economic development
A number of ASEAN countries have achieved positive results in promoting the
green economy, especially in the field of renewable energy and reducing greenhouse
gas emissions.
Vietnam: Vietnam is a prominent country in the development of renewable energy,
especially solar energy. With strong preferential policies, the proportion of electricity
produced from renewable energy in Vietnam has reached about 20% in 2021, becoming
one of the countries with the fastest clean energy development rate in the region.

Indonesia: As a rich country in natural resources, Indonesia has set a goal to increase
the share of renewable energy to 23% by 2025. The country also invests in major
hydropower projects and seeks to reduce its dependence on coal energy, although the
process remains challenging.
Singapore: Despite being a small country and heavily dependent on energy imports,
Singapore has taken many advanced measures to reduce greenhouse gas emissions,

including developing a carbon credit market and investing in smart technology in energy
management and transportation.
Thailand: Thailand has set a goal of achieving a renewable energy share of 30% by
2037, focusing on solar energy and biomass. The country also offers preferential policies
to encourage businesses and people to invest in renewable energy solutions.
Challenges in green economic development
Despite certain achievements, the development of the green economy in ASEAN

still faces many difficulties, including dependence on fossil energy, limitations on
finance, technology, and an incomplete legal framework.
Dependence on fossil energy: Some countries such as Indonesia, Vietnam, and
Malaysia are still heavily dependent on fossil fuels, especially coal and oil. This
increases greenhouse gas emissions and makes it difficult for these countries to
transition to green energy sources.

Financial and technological constraints: The implementation of green economy
projects, especially large projects on renewable energy, requires large investment capital
and modern technology. However, many ASEAN countries, especially developing
countries, do not have enough financial and technological resources to implement these
projects on a large scale.
Inadequate legal and policy framework: Although ASEAN countries have made
international commitments on sustainable development, the specific legal and policy
framework is still incomplete or ineffective enough. This leads to the implementation of

green economy policies that are still slow and unsynchronized.
Changing consumption habits: The development of the green economy requires
changes not only at the policy level but also at the consumption and production levels.

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