Southeast Asia saw a significant uptick in green investments in 2023, with a boost from green data center projects, though funding remains insufficient, according to a report released Monday.
The analysis, conducted by Bain & Company, GenZero, Standard Chartered and Temasek, found that $6.3 billion of green investments flowed into the region, representing a 21% year-on-year increase.
While renewable energy remained the region’s primary green investment theme in 2023, green data center projects — aided by efficiency policies in countries like Malaysia and Singapore — drove the largest gains from the previous year, according to the report.
Demand for data centers has surged with the emergence of new, data-intensive technologies such as generative AI, leading to warnings of increased energy consumption.
According to a January report from the International Energy Agency, the AI industry’s energy consumption is expected to grow by at least ten times between 2023 and 2026.
Malaysia and Singapore pave the way
Malaysia and Singapore were among Southeast Asian governments that helped push major investments towards these green data centers, which aim to be more energy efficient and less reliant on fossil fuels.
Last year, Malaysia attracted large-scale green financing of over $500 million for at least two data centers, according to the Monday report. The financing for the projects helped the country make the biggest year-over-year jump in green investments out of all countries in the region, up 326% from 2022.
Meanwhile, Singapore’s largest telecommunications company, Singtel, secured a 535 million Singapore dollar ($401 million) five-year green loan aimed at improving efficiency at all of its data centers, including an upcoming 58 MW green data center, which began construction last year.
The move came after the Singaporean government unveiled a sustainability standard for data centers operating in tropical climates. The small city-state has become a hotspot for data centers and cloud service providers.
“Countries which take the lead in charting out their decarbonization roadmap through clear policy frameworks, supportive regulations and concrete financing plans will be better positioned to attract private investment,” said Kimberly Tan, head of investments at GenZero.
Despite these efforts, Singapore’s overall green investments fell in 2023 to $0.9 billion from $1.2 billion a year prior.
More to be done
While the regional uptick in green investments represented a positive trend shift, with some bright spots in green data center investment, much more is needed to meet critical climate goals, according to the authors of the report.
About $1.5 trillion in cumulative investment in the energy and nature sectors will be needed to reach nationally determined contribution targets by 2030, said the report. However, only 1.5% has been invested to date, with many countries at risk of missing their pledges, according to the report.
“We believe that an acceleration of effort by countries, corporates and investors is imperative as Southeast Asia remains woefully off-track,” said GenZero’s Tan.
Renewable energy accounts for less than 10% of the region’s energy supply, with fossil fuel subsidies being around five times higher than renewable investments, she added. Green investment towards power in the region fell by 14% year-over-year for the second year in a row.
“There is a reality gap between what many believe is happening and true progress on the ground,” said Dale Hardcastle, director of the Global Sustainability Innovation Center at Bain & Company.
But despite Southeast Asia’s “structural challenges,” immense potential exists to accelerate the energy transition and build the green economy through initiatives such as blended finance, he added.
Additionally, the report called on governments to facilitate more policy incentives and regional cooperation as well as to focus on already proven and deployable green technologies. Such efforts could unlock $300 billion of annual business by 2030, it added.
In the region, Indonesia saw the most private investment in green projects, followed closely by the Philippines. Meanwhile, Laos saw the second largest uptick of investments at 126%, thanks to foreign investment in renewable energy projects.
Other major investment drivers in Southeast Asia included investments in waste management like water treatment and plastic recycling.
The “Three” is Hyundai’s first compact electric vehicle concept under the IONIQ series, set to bring a radical new design to the family.
According to Hyundai, the Concept Three “represents the next step in the company’s electrification journey.” Production is expected to begin in early 2026 at Hyundai’s manufacturing plant in Turkey, with deliveries starting shortly thereafter.
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The new design, “Art of Steel,” is inspired by Hyundai’s advanced steel technology. Hyundai calls the Aero Hatch profile “a new typology that reimagines the compact EV silhouette.”
Hyundai kept a few of its signature design elements from other IONIQ EV models, like the Parametric Pixel lights at the front and rear.
The Hyundai Concept THREE EV, a preview of the IONIQ 3 (Source: Hyundai)
With its official debut approaching, a few IONIQ 3 prototypes have been spotted driving in public in South Korea. Despite heavy camouflage, you could tell the production version was shaping up to be nearly identical to the Concept Three.
A new image from KindelAuto offers a closer look at the IONIQ 3, spotted in Europe with barely any camouflage.
You can clearly see the vehicle’s profile stays close to the concept, with a sleek, hot-hatch design and a ducktail spoiler.
The compact EV is 4,287 mm long, 1,940 mm wide, and 1,428 mm tall, with a wheelbase of 2,722 mm, or about the size of the Kia EV3 or Volkswagen ID.3.
The Hyundai Concept THREE EV, a preview of the IONIQ 3 (Source: Hyundai)
Hyundai has yet to reveal battery specs or prices, but it’s expected to offer 58.3 kWh and 81.4 kWh battery packs, like the Kia EV3, providing a WLTP range of around 365 miles. Given the Kona Electric starts at £35,000 ($47,000), the IONIQ 3 will likely be priced closer to £25,000 ($33,700).
For those in the US, sadly, the IONIQ 3 is not expected to make the trip overseas, given America’s growing love for bigger trucks and SUVs.
The IONIQ 5 does, however, remain one of the most affordable EVs in the US, starting at under $35,000 with leases as low as $189 per month.
If you’re considering an EV, Hyundai’s lineup is absolutely worth checking out —offering over 300 miles of range, fast charging, modern tech, at a price that’s actually reasonable. Check out the links below to see what’s available by you.
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Tesla CEO Elon Musk went on a podcast this week to express regret over the time he spent trying to destroy the American government, claiming that he wouldn’t do it again.
In the first half of this year, Musk took a position advising convicted felon Donald Trump (who cannot legally hold office in the US) on what essential government jobs to trim.
He named the group he led the “Department of Government Efficiency,” despite that it was never an actual government department, nor did it do a whole lot to increase efficiency as we will see below.
Musk claimed before taking the position that he could save the government $2 trillion – which was always going to be literally impossible, given the amount of discretionary spending in the US budget, as anyone with a passing interest in American government could have told you at the time.
All in all, Musk claims that he cut around $200 billion from the government’s budget, but actual analyses show that those numbers were fake and in fact that his actions likelyincreased the budget deficit, rather than decreasing it. This is due to the disruption in necessary government services, higher costs for employee severance, and lost revenue for the government as ultra-wealthy tax cheats will be able to get off without paying their fair share.
And, in the interim, republicans passed a law that gives away $4 trillion to those same wealthy elites, adding $3.3 trillion to the deficit. That number is 16 times larger than even the inflated $200 billion “savings” number Musk claims.
How Musk’s actions harmed Tesla, not just the US
But Musk’s actions cosplaying as a government official had other effects than his failure to effectively cut waste: they turned public opinion against his companies, mainly Tesla.
These results were eminently foreseeable – anyone can tell you that business leaders typically should remain neutral on politics as a rule, and generally only speak on issues that directly involve their company or industry.
Wading into wedge issues and identity politics as a business leader can only serve to turn off customers, and since negative motivations are generally stronger than positive ones, you will net lose sales even if you appeal to some portion of the population with your advocacy.
And if you do advocate for something, it should probably be for something that will help your companies, rather than hurt them.
But Elon Musk is different. Unlike most business leaders, he has millions of useful idiots at his beck and call on twitter at any time (and it is indeed where he spends all of his time), ready and willing to tell him that all of his ideas are genius, no matter how braindead they are, or how recycled they are from his rage-filled feed which seems to be his only source of information these days. Why should conventional wisdom apply to someone who is constantly told conventional wisdom doesn’t apply to him?
And so, he ignored – or rather, probably didn’t even see, given the echo chamber he has formed around himself – the conventional wisdom telling him what a bad idea all of this was. And now, years later, he’s finally showing the slightest moment of lucidity that perhaps all of the above was not a great use of time.
Musk finally recognizes what we’ve been telling him all along
This week, Musk went on a podcast (hosted by Katie Miller, wife of American white supremacist Stephen Miller) and claimed that his advisory board was “a little bit successful. We were somewhat successful,” which is a rather middling assessment given his big initial claims of being able to save the government trillions of dollars.
But further, he went on to say that he wouldn’t do it all over again, and that “instead of doing DOGE, I would have, basically, built … worked on my companies.”
He said that if he had done that instead, “they wouldn’t have been burning the cars.” This is a reference to Tesla protests, which have largely not included burning anything, but which have been widespread globally.
We, of course, agree that that would have been a better course of action. Which is why we said it at the time. Perhaps it’s time to get off twitter and read some real thoughts for once, Mr. Musk. We’re not sure if the damage you’ve done is repairable (though it was certainly preventable), but as they say, “garbage in, garbage out” – the more nonsense you read, the more nonsense you’ll continue to get up to.
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BMW is the latest major automaker to officially gain access to the Tesla Supercharger network in North America. Starting today, BMW EV drivers in the US can access over 25,000 Tesla Superchargers, adding a massive boost to the charging options for owners of the i4, iX, and other electric models from the German automaker.
It follows a wave of other automakers gaining access over the last year as the industry transitions to NACS (North American Charging Standard), Tesla’s proprietary connector that has now become the standard.
BMW confirmed today that the update is effective immediately. Owners can find Tesla Superchargers directly in their vehicle’s navigation system and the My BMW app.
However, like most other automakers making this transition, there is hardware involved. Current BMW EVs, which are equipped with CCS ports, will require a CCS-to-NACS adapter to use the vast majority of Tesla’s V3 and V4 Superchargers.
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According to BMW, official adapters will go on sale as accessories starting in Q2 2026. That is a bit of a wait, but in the meantime, some third-party adapters are already on the market.
For those lucky enough to live near one of Tesla’s few “Magic Dock” locations (Superchargers with a built-in CCS adapter), any BMW EV can charge immediately without needing to buy extra hardware.
BMW also clarified its timeline for native NACS ports, which will eliminate the need for an adapter entirely. The transition begins with the 2026 BMW i5 M60, followed by other models throughout the year, including the highly anticipated Neue Klasse iX3, which is expected to be a competitor of the higher-end trims of Tesla’s popular Model Y.
Interestingly, there is a software hurdle for some specific 2026 models. BMW noted that the 2026 iX and i5 eDrive40 will not be able to use Tesla Superchargers until they receive a remote software upgrade, also scheduled for Q2 2026.
One of the biggest pain points for non-Tesla EVs using the Supercharger network has been the user experience. Tesla has set a high bar with its “plug and play” ecosystem.
BMW seems to have done a good job integrating this. The automaker says that its Plug & Charge is supported at Tesla stations. You won’t need the Tesla app to start a session. Instead, billing is handled through the customer’s Shell Recharge account, which is integrated into the My BMW app.
Pricing will follow Tesla’s standard rate structure for non-Tesla vehicles, which is generally higher than what Tesla owners pay unless you pay a monthly membership fee.
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