South East Asia is a region at crossroads and a global hotspot of climate change risks as well as stranded asset risks from continued investments into fossil fuels. While countries and investors around the world are starting to move away from coal, there are still strong drivers prevalent in the region that keep it shielded against this global trend. Commissioned by the Friedrich-Ebert-Stiftung's (FES) regional project on climate and energy in Asia, this study takes a closer look at the investment landscape of fossil fuels, especially coal, in Southeast Asia with deep dives into the specific trends in two countries, the Philippines and Vietnam.