ASEAN’s energy transition is expected to require US$281 billion annually by 2035, primarily for clean energy and grid infrastructure. Financing is increasingly shaped by external capital, complementing long-standing support from multilateral development banks, and expanding private investment. In this context, the report examines ASEAN’s engagement with selected bilateral partners – China, Japan and the United States – to understand varying financing mechanisms and strategies, and to assess how these approaches may complement one another.