ASEAN has laid out its strategies and goals for decarbonisation and sustainability under the ASEAN Plan of Action for Energy Cooperation (APAEC). Expecting enormous increases in energy demand, it is counting on the deployment of Clean Coal Technologies (CCTs) through CCUS to facilitate the region’s transition towards sustainable and lower emissions development and achieve its commitments to the Paris Agreement. According to the survey conducted during the closed ASEAN Ministers on Energy Meeting (AMEM) Workshop on Hydrogen Economy and CCUS, more than half of the respondents from all of the ASEAN Member States (AMS) chose to start deploying CCUS between 2025 and 2030. In the run-up to 2025, the AMS must carefully begin to lay the supporting policies and build a strong foundation for CCUS deployment in the region. CARBON CAPTURE, UTILISATION, AND STORAGE (CCUS) Role of ASEAN in CCUS
The global carbon footprint management market is projected to reach USD30.8 billion by 2028 from an estimated USD11.3 billion in 2023, at a Compound Annual Growth Rate (CAGR) of 22.2% during the forecast period. The market for carbon footprint management is primarily driven by rising energy demand by industries and the implementation of COP27 targets to limit global warming. Additionally, an increase in initiatives by governments to reduce carbon emissions is aiding the growth of the carbon footprint management market. Carbon footprint management systems can help in tracking, monitoring, and reducing emissions generated by homes and businesses, and are supported by government initiatives. Policies and amendments to reduce greenhouse gases and emission levels in the environment are made continuously by several governments and stakeholders across the world that are focusing on climate change. CARBON FOOTPRINT MANAGEMENT MARKET
ASEAN
Global Carbon Footprint Management Market Trends
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Malaysian Technology Strategic Outlook 2023/2024 Energy, Healthcare & Space Industry 54
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