On July 28, 2026, the International Energy Agency (IEA) released the "2026 Global Renewable Energy Development Report" showing that global renewable energy new installed capacity exceeded 500 GW for the first time, reaching 512 GW, a year-on-year increase of 18.2%. China and ASEAN countries jointly contributed 58% of the global new installations, with the ASEAN region adding 79 GW, becoming the fastest-growing regional market globally, up 32% from 2025.
ASEAN: From Follower to Leader
The report points out that the ten ASEAN countries added a total of 79 GW of new renewable energy installations in 2026, bringing the region's cumulative installed capacity to over 400 GW. Vietnam ranked first in ASEAN with 28 GW of new installations, mainly from offshore wind and distributed solar PV; Indonesia followed with 24 GW, with breakthroughs in large floating solar projects and geothermal development; Thailand added 11 GW, concentrated on rooftop solar and biomass power. ASEAN's overall renewable energy power generation share has reached 35%, achieving the target set for 2025 four years ahead of schedule.
Policy Drivers: Green Agreements and Investment Incentives
Utama Saeed, Executive Director of the ASEAN Centre for Energy (ACE), said: "Driven by both carbon emission reduction commitments and foreign capital inflows, countries in the region continue to optimize power market structures and subsidy mechanisms. Indonesia launched the 'New Energy Law' to simplify approval for projects below 100 MW; Vietnam allows foreign investors to hold 100% equity in wind power projects; Thailand, through the 'Carbon Neutral 2030' roadmap, provides a platform for green certificate trading." These policies directly spurred international capital inflows. In the first half of 2026, the ASEAN clean energy sector attracted US$18.2 billion in foreign investment, up 45% year-on-year.
Global Landscape: China Remains Top; US Recovers
Despite ASEAN's impressive growth, China remains firmly in first place with 198 GW of new installations (38.7% of global total). Distributed solar PV became the mainstay, accounting for 61% of China's new installations; offshore wind added 15 GW, with cumulative capacity exceeding 80 GW. Under the continued effect of the Inflation Reduction Act, US new installations recovered to 67 GW, with solar and energy storage projects dominating. In Europe, Germany, Spain, and the UK drove EU new installations to 106 GW, but wind power projects faced challenges due to slower permitting.
- Solar PV Dominates: Global solar PV new installations reached 327 GW, accounting for 64% of total new capacity, with AIGC-driven intelligent O&M technology further reducing LCOE by 12%.
- Wind Power Gaining Momentum: Onshore wind added 98 GW, offshore wind added 34 GW, with China, Vietnam, and the UK becoming the top three offshore wind markets.
- Emerging Technologies: Green hydrogen electrolyzer capacity grew to 45 GW, but actual deployment was only 6 GW, with cost remaining a bottleneck.
Industry Insight: Energy Transition Enters Acceleration Phase
Li Ming, Senior Analyst at energy consultancy Wood Mackenzie, commented: "In 2026, new renewable energy generation has met 75% of global electricity demand growth, and fossil fuel power generation has begun to decline structurally. The rise of ASEAN proves that developing countries can avoid repeating the old path of polluting first and cleaning up later, and achieve leapfrog development through technology introduction and grid interconnection." However, the report also warns about insufficient grid absorption capacity and a large storage investment gap. The world needs to build 1200 GWh of energy storage systems to avoid rising wind and solar curtailment rates.
Future Outlook: Renewable Energy Share to Exceed 50%
The IEA predicts that if countries maintain current policy momentum, the share of renewable energy in global electricity generation could reach 55% by 2030, significantly up from 39% in 2025. As a key growth pole, ASEAN is expected to exceed 700 GW of renewable energy installed capacity by 2030, by which time cross-border electricity trading within the region (such as the Laos-Thailand-Malaysia-Singapore integrated grid) will become the cornerstone of regional energy security.
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