Singapore Green Finance Centre

Research

Transition Finance

Regional Conference on Greening Energy Infrastructure (8 Research Papers Included)

Published on December 5, 2022

Authored by Abhinav Jindal, Kruthika Jerome, Christoph Nedopil, Manisha Pradhananga, Lei Lei Song, Dhruba Purkayastha, Vivek Sen, Saarthak Khurana, Md. Tariq Habib, Ulka Kelkar, Varun Agarwal, Shubhashis Dey, Mili Fomicov, Ruchita Shah, Gagan Sidhu, Alloysius Joko Purwanto, Ryan Rafaty, Cecilia Springer, Alex Clark, Milica Fomicov, Gireesh Shrimali

Advancing the Low-Carbon Transition in Asia

The 12th Annual SKBI Conference and 1st SGFC Regional Conference on Greening Energy Infrastructure, held on 5-6 December 2022 at Singapore Management University, brought together leading academics, policymakers, and industry experts across ASEAN, China, and India to explore sustainable energy solutions. This exclusive, closed-door event provided a platform for knowledge exchange and collaboration on critical issues shaping the region’s low-carbon transition.

Engaging Experts and Policymakers, Building Networks for Impactful Research

The conference fostered partnerships among research institutions, regulators, and financiers, promoting a collaborative approach to advancing green energy infrastructure. It featured policy research presentations, industry insights, and moderated roundtable discussions, ensuring a dynamic exchange of ideas. Selected authors presented research findings, while industry practitioners shared on-the-ground perspectives, offering actionable solutions to the region’s energy transition challenges.

By convening thought leaders and decision-makers, the conference reinforced the importance of research-driven policymaking and investment strategies to accelerate Asia’s shift towards sustainable energy. Discussions addressed key challenges in renewable energy deployment, financing mechanisms, and policy development, supporting both policymakers and market participants.

Agenda

Session 1: Challenges and Prospects for Development of Renewable Energy Infrastructure

Prospects and challenges for solar, wind, hydro and geothermal electricity generation across ASEAN. Greening electricity generation is vital for all pathways to net zero. But getting to the required penetration rates for green electricity generation is not just about mobilising the financing. What is the role of electricity pricing policy in accelerating the pace of renewable electricity (the experience of Vietnam and the Philippines)? What are the political economy challenges that have slowed progress in Indonesia? What are the market development grid infrastructure challenges that India must grapple with to scale up renewable electricity generation? What difficulties do project financiers, infrastructure equity investors, and developers of renewable energy projects face across the region? These are some of the questions that the session will focus on.

Presenters:

  • Joko Purwanto, Economic Research Institute for ASEAN and East Asia (ERIA)
  • Christoph Nedopil, Fudan University (FU) & Sim Kee Boon Institute for Financial Economics (SKBI)
  • Gagan Sidhu, Council on Energy, Environment and Water (CEEW)
  • Jerome Ortiz, BrightNight
  • Manisha Pradhananga, Asian Development Bank (ADB)
  • Presenter & Moderator: Lei Lei Song, Asian Development Bank (ADB)

Session 2: Crowding-in of Private Capital for Green Infrastructure

The investment requirement for greening electricity generation infrastructure across ASEAN, China and India is estimated to be $2 trillion between 2021 and 2030, of which 40% is projected to be driven by the private sector. Where do we stand relative to this high-level target? What are the trends in access to Green Finance across the region? Has access to Green Finance markets lowered the cost of capital for the region’s green infrastructure development? Could certain types of de-risking help crowd-in larger volumes of capital from global markets to regional green infrastructure? What roles can MDBs, the G20 and governments around the region play to facilitate this?

Presenters:

  • Mili Fomicov, CCFI, Imperial College London
  • Frank Packer, Bank for International Settlements (BIS)
  • Anouj Mehta, Asian Development Bank (ADB)
  • Victoria Delmon, International Finance Corporation (IFC)
  • Marat Zapparov, Pentagreen Capital
  • Moderator: Dr Rajiv Lall, Sim Kee Boon Institute for Financial Economics (SKBI) & Singapore Green Finance Centre (SGFC)

Session 3: Facilitating the Transition from Coal to Renewables

Challenges and strategies for retiring coal-based electricity generating capacity around the region: This session will examine various aspects of transition risk for coal-based electricity generation and strategies for addressing it (e.g. the potential of, and strategies for, reducing dependence on coal; understanding transition costs and benefits, including net benefits; financing mechanisms for fossil retirement and repurposing). It will focus on the merits and feasibility of accelerated decommissioning of coal-fired plants, including the social cost of prematurely closing coal plants. It will review various facilities and financing mechanisms that have or are being mooted to help reduce dependence on coal for electricity generation across the region.

Presenters:

  • Gireesh Shrimali, Sim Kee Boon Institute for Financial Economics (SKBI)
  • Wang Ke, Renmin University of China (RUC)
  • Dhruba Purkayastha, Climate Policy Initiative (CPI)
  • Abhishek Bhaskar, Climate Investment Funds (CIF)
  • Dion Camangon, Asian Development Bank (ADB)
  • Moderator: Navroz Dubash, Centre for Policy Research (CPR)

Session 4: Supporting Innovation in Green Electricity Generation and Distribution

The session will review advances in ‘high-potential technology’, technology that is currently not quite mature but is placed to play a key role in the global low-carbon transition, such as green hydrogen and battery storage technology. It will also examine other types of innovations, such as dispatchable or base-load renewable power and off-grid solar power electricity that will play an important role in greening electricity generation. The session will focus on the challenges of financing innovation and the potential for an effective facilitating role for governments.

Presenters:

  • Shubhashis Dey, Shakti Sustainable Energy Foundation
  • Erik Berglof, Asian Infrastructure Investment Bank (AIIB)
  • Paul Burke, Australia National University (ANU)
  • Nirad Deshpande, Macquarie Infrastructure and Real Assets (MIRA), Macquarie Group
  • Ashley Chan, GenZero
  • Moderator: Towfiqua Hoque, Global Infrastructure Facility (GIF)

Conference Management Committee

  • Prof Dave Fernandez, Director, Sim Kee Boon Institute for Financial Economics; Co-Director, SGFC; Professor of Finance, SMU
  • Dr Rajiv Lall, Professorial Research Fellow, Sim Kee Boon Institue for Financial Economics, SMU; Management Committee Member, SGFC
  • Dr Gireesh Shrimali, Visiting Faculty, Sim Kee Boon Institute for Financial Economics, SMU
  • Dr Christoph Nedopil, Visiting Faculty, Sim Kee Boon Institute for Financial Economics, SMU

Conference Research Papers

  1. Clark, A., Jindal, A., Shrimali, G., Springer, C., & Rafaty, R. (2023). Capitalizing on coal early retirement options for China-backed coal plants in SE Asia and beyond (English version). Singapore Green Finance Centre. Retrieved from https://www.singaporegreenfinance.com/wp-content/uploads/2025/02/Capitalizing-on-Coal-Early-Retirement-Options-for-China-backed-Coal-Plants-in-SEA-and-Beyond.pdf
  2. Clark, A., Jindal, A., Shrimali, G., Springer, C., & Rafaty, R. (2023). 煤炭资本利用：提前退役中国资助燃煤电厂 (Capitalizing on coal early retirement options for China-backed coal plants). Boston University Global Development Policy Center. Retrieved from https://www.bu.edu/gdp-cn/2023/07/21/煤炭资本利用：提前退役中国资助燃煤电厂/
  3. Purwanto, A. J. (2023). Potential, policies, and issues for the renewable electricity purchase price: The cases of Indonesia, Viet Nam, and the Philippines. Singapore Green Finance Centre. Retrieved from https://www.singaporegreenfinance.com/wp-content/uploads/2025/02/Potential-Policies-and-Issues-for-the-Renewable-Electricity-Purchase-Price-The-Cases-of-Indonesia-Viet-Nam-and-the-Philippines.pdf
  4. Sidhu, G., & Shah, R. (2023). Prospects and challenges for India delivering on renewable electricity generation targets. Singapore Green Finance Centre. Retrieved from https://www.singaporegreenfinance.com/wp-content/uploads/2025/02/Prospects-and-Challenges-for-India-delivering-on-Renewable-Electricity-Generation-Targets.pdf
  5. Jerome, K., Dey, S., Agarwal, V., & Kelkar, U. (2023). Supporting climate moonshot technology development for innovation. Singapore Green Finance Centre. Retrieved from https://www.singaporegreenfinance.com/wp-content/uploads/2025/02/Supporting-Climate-Moonshot-Technology-Development-for-Innovation.pdf
  6. Habib, M. T., Khurana, S., Sen, V., & Purkayastha, D. (2023). Demystifying India’s accelerated energy transition (Policy note). Singapore Green Finance Centre. Retrieved from https://www.singaporegreenfinance.com/wp-content/uploads/2025/02/Policy-Note-Demystifying-Indias-Accelerated-Energy-Transition.pdf
  7. Song, L. L., & Pradhananga, M. (2023). Asia in the global transition to net zero. Asian Development Bank. Retrieved from https://www.adb.org/publications/ado-2023-thematic-report
  8. Fomicov, M., Waldron, M., Jenkins, M., & de Bienassis, T. (2023). ASEAN renewables: Opportunities & challenges. Singapore Green Finance Centre. Retrieved from https://www.singaporegreenfinance.com/wp-content/uploads/2025/02/ASEAN-Renewables-Opportunities-and-Challenges.pdf
  9. Nedopil, C. (2023). Transforming ASEAN electricity SOEs – Opportunities and challenges of green finance. Singapore Green Finance Centre. Retrieved from https://www.singaporegreenfinance.com/wp-content/uploads/2025/02/Transforming-ASEAN-Electricity-SOEs-Opportunities-and-Challenges-of-Green-Finance.pdf