The Asian countries are facing critical energy challenges that threatens to undermine economic and national security in the region. The energy demand will more than double by 2020, making the region the largest energy market in the world.
The Asian countries are facing critical energy challenges that threatens to undermine economic and national security in the region. Rapid economic development has led to huge spurt in the demand for energy resources.
The energy demand will more than double by 2020, making the region the largest energy market in the world. Natural gas consumption will grow faster than any other energy source, accounting for 12 per cent of the total primary fuel mix by 2020. Asia will have to install 1,380 gigawatts of new capacity by 2020 to meet demand. By 2020, the region is forecast to consume 20 million barrels per day, but produce only 13.5 million barrels.
Asian region’s high energy demands still rely heavily on imported sources of oil and gas, much of it from the war-torn Middle East. Asia’s excessive dependence on conventional energy sources has put the economic future of the region hostage to a resource that is so volatile and unreliable. There is an urgent need to turn aggressively to alternative energy sources that are clean, renewable and sustainable.
The Asia Council’s Forum on Energy Security deliberates on various facets of energy crisis in the region and comes up with action plan to make Asia energy secure.
