Only 0.05% of Brunei's power was generated using renewable energy, with the remaining 99.95% coming from fossil fuels. The nation established a 10% renewable energy target in the electricity generating mix by 2035 in 2014. When it comes to renewable energy, Brunei has yet to significantly advance and establish itself as a desirable location for investment. From 2020 to 2035, the percentage of renewables must rise by 0.66% year in order to reach the aim. To further the growth of renewable energy, particularly solar energy, which is more plentiful than wind energy, the nation still has to implement a regulatory framework.[1]
Even though they only make up 0.55% of installed capacity at the moment, Brunei wants to increase the share of renewable energy in its generating mix to 30% by 2035. Other ambitious goals include developing and enacting a carbon pricing or tax mechanism by 2025 and assisting multinational oil and gas clients in meeting their net-zero commitments. The development of the nation's clean energy market and the satisfaction of corporate demand for renewable energy are anticipated to be aided by the implementation of the I-REC(E) certificate.[2]
- ^ Accept, A. C. E. (2020-05-26). "RE Investment Series - Brunei Darussalam - ACCEPT Insight". ASEAN Climate Change and Energy Project (ACCEPT). Retrieved 2023-07-14.
- ^ "Brunei approved for I-REC(E) issuance". I-REC Standard. 2022-06-27. Retrieved 2023-07-14.