Bancha Yathip, Founder and CEO, 89 Plus Energy Company Limited, 0
The impact of renewable energy on economic advancement and carbon emissions has long emerged as a critical global issue. Renewable energy reshapes economies to match the new era's needs while greatly diminishing harmful emissions. Innovative solutions using renewable energy sources are leading the way for more environmentally friendly urban development. This transition also illustrates how contemporary energy policies can promote both environmental protection and economic development. As worldwide initiatives escalate, renewable energy continues to demonstrate its capacity for transformation, proving to be an effective means of addressing climate challenges and creating a more sustainable future. In an exclusive interview with CEO Insights Asia, Bancha Yathip, Founder and CEO, 89 Plus Energy Company Limited, shares his insights on the challenges, growth and investment opportunities in the renewable energy sector.
With more than three decades of experience in the energy industry, what do you believe are the key aspects to evaluate when developing a renewable energy system?
There are five factors that affect the development of renewable energy: firstly, the demand for clean energy in this world; Secondly, everyone in this world should be aware of the need to take care of and maintain this planet to prevent temperatures from rising too high. The imminent danger is an increase in temperature of 1.5 degrees, which will cause distress to every country and the growing global population, increasing the need for attention and care for the planet. The energy sector also needs to use cleaner or renewable energy more to reduce carbon dioxide emissions into the atmosphere, which comes from the increased use of fossil fuels; thirdly, Economic growth or increased global trade competition requires greater reliance on energy; fourthly, the Carbon Border Adjustment Mechanism trade tax necessitates the use of clean energy to replace electricity usage in Scope 2; and fifth is the demand for clean energy from renewable sources is increasing due to the lack of fuel costs and the decreasing prices of renewable energy as a result of lower raw material costs and advancements in technology.
Could you tell us about the role of renewable energy in driving economic development, generating employment, and enhancing societal well-being?
The role of renewable energy in driving economic development includes the following: the construction of power plants from solar energy and/or wind energy involves significant use of local manpower, leading to a circular economy in the community. Additionally, there is a massive investment that stimulates economic circulation within the country and fosters development in infrastructure demands, greatly benefiting the public. Importantly, the quality of life in society will improve, as
everyone will have higher incomes, allowing them to spend more in their daily lives. This generates capital flow and creates a circular economy and ecosystem both within the community and at the national level, enhancing quality of life and eradicating poverty in accordance with the 17 areas of development outlined by the United Nations' Sustainable Development Goals (SDGs).
What approaches do the leaders implement to encourage innovation in renewable energy technologies and solutions?
Leaders will utilize innovations in energy by inventing new forms of energy to replace traditional energy forms, such as hydrogen technology, Small Modular Reactor (SMR) nuclear fusion technology, water energy, and more natural energy. The solution is to achieve maximum efficiency and have the lowest possible Levelized Cost of Energy (LCOE).
Importantly, clean energy should be sustainable for long periods and easily accessible. However, it must be used efficiently to justify the investment by applying economic principles to analyze projects to reach break-even points and ensure worthwhile investments, among other considerations.
What are your thoughts on creating effective approaches to develop a strong and skilled workforce in the renewable energy industry?
I think that one of the most important factors in the development of a country is its people, and it is essential that these people are of high quality, with skills and abilities in both professions and work. This means they need to have upskilling and reskilling. Furthermore, we need to train the citizens of the country to have more knowledge about renewable energy, and to foster understanding, awareness, and training for people in the country to value the use of renewable energy, so that it is used efficiently and maximally beneficial. This is necessary to ensure clean energy is available for use both today and in the future.
What are the future market opportunities you are looking forward to?
The market that is likely to expand significantly in the future is investment in clean energy or renewable energy, particularly through increased Feet in Tariff investments, such as investing in solar power plants, wind power plants, and biomass and biogas that replace traditional energy sources like coal power plants while decreasing the consumption of fossil fuels such as oil and gas. There should be a gradual shift towards greater use of renewable energy, and importantly, there should be investments in new technologies with Fintech start-ups related to renewable energy or clean energy.
Also Read: Investopia 2025: A Grand Plan to Revitalize the Global Investment Landscape
What would be your advice to future leaders in this industry?
I believe that we should encourage every government in every country to support the increased use of renewable energy and to preserve this planet for a long time to come, so that humanity can live safely and people in every country in the world can continue to live together for a long time.
What approaches do the leaders implement to encourage innovation in renewable energy technologies and solutions?
Leaders will utilize innovations in energy by inventing new forms of energy to replace traditional energy forms, such as hydrogen technology, Small Modular Reactor (SMR) nuclear fusion technology, water energy, and more natural energy. The solution is to achieve maximum efficiency and have the lowest possible Levelized Cost of Energy (LCOE).
We should encourage every government in every country to support the increased use of renewable energy and to preserve this planet for a long time to come
Importantly, clean energy should be sustainable for long periods and easily accessible. However, it must be used efficiently to justify the investment by applying economic principles to analyze projects to reach break-even points and ensure worthwhile investments, among other considerations.
What are your thoughts on creating effective approaches to develop a strong and skilled workforce in the renewable energy industry?
I think that one of the most important factors in the development of a country is its people, and it is essential that these people are of high quality, with skills and abilities in both professions and work. This means they need to have upskilling and reskilling. Furthermore, we need to train the citizens of the country to have more knowledge about renewable energy, and to foster understanding, awareness, and training for people in the country to value the use of renewable energy, so that it is used efficiently and maximally beneficial. This is necessary to ensure clean energy is available for use both today and in the future.
What are the future market opportunities you are looking forward to?
The market that is likely to expand significantly in the future is investment in clean energy or renewable energy, particularly through increased Feet in Tariff investments, such as investing in solar power plants, wind power plants, and biomass and biogas that replace traditional energy sources like coal power plants while decreasing the consumption of fossil fuels such as oil and gas. There should be a gradual shift towards greater use of renewable energy, and importantly, there should be investments in new technologies with Fintech start-ups related to renewable energy or clean energy.
Also Read: Investopia 2025: A Grand Plan to Revitalize the Global Investment Landscape
What would be your advice to future leaders in this industry?
I believe that we should encourage every government in every country to support the increased use of renewable energy and to preserve this planet for a long time to come, so that humanity can live safely and people in every country in the world can continue to live together for a long time.