Petroleum is known as liquid gold due to its utility to various segments in society, making it a sought-after commodity the world over. ASEAN’s petroleum potential is quite impressive, with the sector positioned for further expansion in coming years. The question is, how can the harnessing of petroleum contribute to a sustainable energy future?
The oil and gas industry has seen turbulent times over the last 10 years, with the 2008 financial crisis as a turning point for the industry as a whole. Oil prices peaked at US$145 per barrel during that period, declining by more than 70 percent by the end of the year to US$40 per barrel.
Job creation has always been an important priority for governments in the region, and with an estimated 68 million new workers entering ASEAN’s labour force by 2025, it will remain a priority in the coming years. One segment which is likely to see the generation of new potential job opportunities is renewable energy.According to estimates by the International Renewable Energy Agency (IRENA), as of 2016, renewable energy accounted for 611,000 jobs in Southeast Asia.
The great powers of the world share one thing in common: a desire for progress and the proper execution of that particular ideal. For China, a global behemoth in its own right, the Belt and Road Initiative (BRI) is its own vision, which has now manifested into a political, social, and economic reality. At its most basic, this gargantuan plan is an expression of China’s desire to build on trade relations with both Asia and Europe.
Members of the Association of Southeast Asian Nations (ASEAN) are currently faced with a development dilemma. On the one hand, most of its economies are still developing and will need to sustain immense growth rates – upwards of five percent – in the long run to maintain their current pace of progress.This points towards a spiralling increase in energy demand to undergird development in the region.
Brunei is blessed with an abundance of fossil fuel deposits that has propelled its economy to prosperity. This high-income nation is now looking to diversify its economy to reduce over-dependence on oil and gas exports for national income.Last October, Bruneian Minister of Energy and Industry, Mohammad Yasmin Umar, reiterated his country’s commitment towards ensuring sustainable energy development during the United Nations Climate Change Conference in Bonn, Germany.
With the mighty Mekong river running through the country, it is no surprise that Cambodia’s renewable energy sector is often associated with hydropower. This body of water flows southward from the Cambodia-Lao PDR border to the point below Kraceh city, where it turns west for about 50 kilometres and then turns southwest to Phnom Penh. The Mekong is the longest river in Southeast Asia and is the 12th longest in the world.
In an effort to stimulate economic growth, Brunei’s monarch and leader Sultan Hassanal Bolkiah launched “Wawasan Brunei 2035” also known as “Vision 2035”. Wawasan Brunei 2035 was first formulated in 2004, when Sultan Hassanal oversaw the formation of a Council for Long Term Development Planning who were tasked to articulate a future vision of Brunei and the strategies getting there.
The renewable energy sector in Southeast Asia has progressed in leaps and bounds. From the harnessing of biomass to the use of water in generating electricity, there is room for tremendous economic growth as well as the obvious positive of caring for an ailing environment. However, one has to ask the question; are the mechanisms put in place for the harnessing of these resources safe for the trifecta that is air, land, and water?
As Southeast Asia becomes one of the fastest developing regions in the world, concerns over its energy security is fast growing. Southeast Asia has a combined population of over 600 million people and an economy worth nearly US$3 trillion. Furthermore, the World Economic Forum forecasts that the region will have the fifth largest economy by 2020. With the region developing rapidly, demand for energy is now higher than ever.
The Mayor of Puerto Princesa City, Lucilo Bayron recently announced that his city will embark on a waste-to-energy project. Waste-to-energy or energy-from-waste is the process of generating energy in the form of electricity and/or heat from the primary treatment of waste. This project will be the first of its kind in the Philippines. Puerto Princesa City is a coastal city on Palawan Island in the western Philippines.
ASEAN represents one of the most dynamic parts of the global energy system with its energy demand growing by 60% over the past 15 years. Robust economic and demographic growth pushes this strong demand.
