US to boost ASEAN energy transition spending

US to boost ASEAN energy transition spending

Washington, 12 May (Argus) — US president Joe Biden will announce $150mn in new US spending in southeast Asia to promote development of renewable energy and infrastructure, as well as maritime security, when he hosts leaders of ten ASEAN nations on Friday.

The spending package includes $40mn in development finance that could unlock up to $2bn in private investment in southeast Asian power systems, increasing regional energy trade, and accelerating the deployment of clean energy technologies, a senior US official said. The Biden administration will also launch a "climate solutions hub" to provide technical assistance to ASEAN members — Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam — in implementing their emissions goals set under the Paris climate accord.

The White House is hosting ASEAN leaders for the first time as part of an overall strategy to meet what US officials describe as China's growing assertiveness in the region. But publicly at least, the White House is steering clear of positioning its cooperation with ASEAN as a counterweight to China. "Obviously, China is an important player in the region," the official said. "We have said bilaterally and in our engagements that we are not asking countries to make