1、DECARBONIZING SOUTHE AST ASIA:THE GREEN FUEL S R ACETransforming a regional ecosystem to better utilize CO2 2024CONTENTFOREWORD 3EXECUTIVE SUMMARY 61.HOW CO2 CAN UNLOCK ECOSYSTEM OF GREEN FUELS&HOW COMPANIES CAN PREPARE 82.PREPARING FOR TRANSITION TO CO2-BASED PRODUCTS 103.STATE OF ECOSYSTEM FOR BIO

2、FUELS&OBSTACLES IN SEA 124.STATE OF H2-&CO2-DERIVED FUELS&MARKET CHALLENGES IN SEA 165.SEA OPPORTUNITIES FOR CO2-BASED FUELS 186.BUILDING AN ECOSYSTEM FOR REGIONAL DECARBONIZATION 22CONCLUSION 26TRUNG GHIPartner,Head of Energy&Utilities Southeast AsiaAIRI MORIMOTOConsultant,SingaporePRAKARSA MULYOCo

3、nsultant,IndonesiaWe would like to acknowledge all those who contributed in the review of this Report,especially:Yuma Ito,Abhishek Srivastava,Somnath Kansabanik,Zheng Gu,Wendy Cheng,and Julian Yeo.2UNLOCKING DECARBONIZATION POTENTIAL ACROSS SEAAcross the globe,there is currently an enormous,transfor

4、mative shift away from fossil fuels,driven by the fundamental need to decarbonize to hit net zero targets as well as growing pressure from customers looking to embrace green alternatives.Achieving effective decarbonization requires a profound shift in the entire ecosystem around fuel production,dist

5、ribution,and usage.As part of this shift,CO2 can anchor new ecosystems,enabling the creation of net zero fuels,whether bio-based or hydrogen(H2)-and CO2-derived products.This shift provides opportunities for companies,customers,and societies across Southeast Asia(SEA)and will help SEA countries hit

6、their wider decarbonization targets,particularly in crucial,hard-to-decarbonize,high-demand regional sectors,including aviation,shipping,and power generation.It will also help resolve pressing socioeconomic needs,such as reducing waste through reuse and investments in green fuel production and addre