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Cambodia Renewable Energy Industry Analysis
Current Scenario:
Cambodia is a developing country that is experiencing a rapid growth in energy demand, driven by a growing population, urbanization, and industrialization. Currently, the country's primary sources of electricity are fossil fuels, particularly imported coal and diesel. However, there is an increasing interest in renewable energy projects, particularly hydropower and solar, due to the country's abundant natural resources and potential for clean energy production.
Currently, there are several operational renewable energy projects in Cambodia, with hydropower projects being the most dominant. As of 2021, the total installed capacity of renewable energy in Cambodia was approximately 2.7 GW, which accounts for approximately 32% of the country's total installed capacity. The government has set a target of generating 20% of the country's energy from renewable sources by 2023, which is expected to drive growth in the renewable energy sector.
Major Drivers:
There are several major drivers for the growth of the renewable energy sector in Cambodia. Firstly, the country has a high potential for clean energy production, particularly from hydropower and solar sources. This has led to an increasing interest from both local and international investors to invest in renewable energy projects in the country. Secondly, the government has implemented policies and incentives to promote renewable energy production, such as feed-in tariffs and tax exemptions. Thirdly, there is growing awareness among the general public about the environmental benefits of renewable energy, which has led to increased demand for clean energy sources.
Industry Outlook:
The renewable energy industry in Cambodia is expected to continue to grow rapidly over the coming years, driven by several factors. Firstly, the government's target of generating 20% of the country's energy from renewable sources by 2023 is expected to drive investment in the sector. Secondly, the country's abundant natural resources and potential for clean energy production make it an attractive destination for renewable energy investment. Thirdly, there is a growing demand for renewable energy from both domestic and international markets, driven by environmental concerns and the desire for clean energy sources.
Despite the potential for growth, the renewable energy sector in Cambodia still faces several challenges, such as a lack of infrastructure, limited access to financing, and a shortage of skilled workers. However, with the government's support and the increasing interest from investors, it is expected that these challenges will be addressed over time, leading to continued growth in the renewable energy industry in Cambodia.
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