The disruptions brought by the COVID-19 pandemic have emphasised the need to transform our economies and to restart economic growth by making it inclusive, green and fair.
Energy transition and decarbonisation are becoming increasingly critical to addressing the ever-growing concerns of climate change. In spearheading decarbonisation efforts, we must pay special attention to the development of hydrogen. Hydrogen is more than just another option that we can add to the long list of clean technology as it can provide an energy supply which is uniquely flexible.
According to the International Energy Agency (IEA), ASEAN currently consumes 4.5 million barrels of oil per day, while it only produces 2.5 million barrels per day, with the remaining supply gap – over 40 percent of the demand – coming from imports. Such oil demand is mainly driven by the transport sector, especially land transport, according to a research paper by the Economic Research Institute for ASEAN and East Asia (ERIA).
