东南亚绿色经济2026报告：新权衡逻辑

Southeast Asia’s Green EconomyReport 2026The New Calculus The information in this report is provided on an “as-is” basis. This document was produced byBain & Company and Standard Chartered (“the authors”) as of the date of writing and issubject to change. This document has been prepared solely for informational purposes over alimited time period and for providing a perspective on the market. Projected market andfinancial information, analyses, and conclusions contained herein should not be construed asdefinitive forecasts or guarantees of future performance or results. The authors or any of theiraffiliates and any third party involved make no representation or warranty, either expressed orimplied, as to the accuracy or completeness of the information in this report and shall not beliable for any loss arising from the use hereof. Inclusion of companies featured in this reportdoes not indicate endorsement in any shape or form from the authors of this report. Copyrightin the materials, text, articles, and information created by third parties and the rights undercopyright of such parties referenced in this report are hereby acknowledged. Copyright in allother materials not belonging to third parties and in these materials as a compilation vestsand shall remain, at all times, as the copyright of the authors of this report, and should not bereproduced or used except for business purposes on behalf of the authors or with the expressprior written consent of an authorized signatory of the authors. Disclaimerandreference The information included in this document may contain “forward-looking statements” basedupon current expectations or beliefs as well as statements formulated with assumptions aboutfuture events. Forward-looking statements include, without limitation, projections, estimates,commitments, plans, approaches, ambitions, and targets (including, without limitation, ESGcommitments, ambitions, and targets). Forward-looking statements often use words such as“may”, “could”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “plan”, “seek”, “aim”,“continue”, or other words of similar meaning to any of the foregoing. Forward-lookingstatements may also (or additionally) be identified by the fact that they do not relate only tohistorical or current facts. By their very nature, forward-looking statements are subject toknown and unknown risks and uncertainties and other factors that could cause actual results,as well as the authors’ plans and objectives, to differ materially from those expressed orimplied in the forward-looking statements. Readers should not place reliance on, and arecautioned about relying on, any forward-looking statements. Forward-lookingstatements Authors and acknowledgments “Southeast Asia’s Green Economy 2026 Report: TheNew Calculus” is jointly produced by Bain &Company and Standard Chartered. Contributingauthors are as follows: We would also like to thank the team that has worked tirelessly on this report: Bain & Company •Berlinda Lim(Consultant)•Rachel Tan(Consultant)•Tu Pham(Consultant)•Rang Shah(Associate Consultant)•Minh Pham(Associate Consultant)•Jessy Chua(Director, SEA Market Reputation)•Michele Koe(Manager, SEA Market Reputation) Bain & Company •Dale Hardcastle(Partner, Bain & Company)•Sanchita Shandilya(Senior Manager, Bain &Company) Standard Chartered Standard Chartered •Chow WanThonh(Head of Coverage, Singapore& ASEAN, Standard Chartered)•Justin Ma(Head of Transition Finance andAdvisory, ASEAN and South Asia, StandardChartered) •Evonne Lee(Head of Global CIB Events & CIB Marketing, ASEAN & South Asia)•Gladys Goh(Associate Director, Brand & Marketing)•Samantha Chow(Associate, Transition Finance & Advisory) We would also like to acknowledge theAsia-Pacific Data Centre Association(APDCA)for their support in insights that informed this report. Page Chapter 0:Executive summary08 Chapter 1:The grid unlock27 Chapter 2:The EV value chain race69 Chapter 3:The adaptation economy110 Chapter 4:Conclusion119 Chapter 5:SEA Green Economy Index 2026124 Appendix134 F O R E W O R D AtSingapore'sEcosperityWeekin2022,Ispokeabouttheelephantintheroom:thattherealquestionoftheenergytransitionwasnotwhichtechnologiestobuild,butwhowouldpayforthem.In2023,Iborrowedfromafilmaboutdoingeverythingeverywhereallatonce,toarguetheopposite—thatattendingtotherealityinfrontofuswastheonlypaththatwouldactuallywork.In2024,Inamedthegapdirectly:thedistancebetweenourtargetsandresultsweweredelivering.It'snotaboutthetargetsweset.It'saboutthetargetswedeliver. Wehavesaidversionsofthesamethingforfiveyears.Themarketshaveprovenitfasterandmorecomprehensivelythananyreportcould.Between2021and2026,roughly$10trillionwascommittedgloballytocleanenergy.Thereturnsaccruedpreciselywheresubstanceexisted:gridinfrastructure,batterysystems,theunglamorousplaysthatservedrealbuyerswithrealbalancesheetsonrealtimelines.Theycollapsedwhereverpolicyambitionhadbeendoingtoomuchoftheworkthatcommercialdemandshouldhavedel