Hydrocarbons will continue to be an important part to drive economic growth in Asean – Prime Minister
By Ramani and Norazam
KUALA LUMPUR – Hydrocarbons will continue to be an important part of the energy mix to drive economic growth and development in ASEAN, said Prime Minister Datuk Seri Anwar bin Ibrahim.
During his keynote speech at Energy Asia 2023, Anwar said four of the largest economies in the region, China, South Korea and Japan have committed to achieving net zero by the middle of this century, while India has set ambitious renewable energy targets.
“Despite that, 9 out of 10 countries in ASEAN have pledged Net Zero targets at COP26. However, Net Zero need not be a zero-sum equation and it should not be one of lowering carbon emissions at the expense of economic growth or vice versa.
“Instead, Asia must take every opportunity to further dialogue and actions around how we can responsibly plan to enable every country its right to development and lower carbon aspirations.” he pointed out.
Within the ASEAN region, to meet its climate goals and achieve decarbonisation, electricity interconnection, integration will be crucial to facilitate the sharing of renewable energy resources, encourage investment and promote sustainable development.
Malaysia, with its strategic central location, is committed to strengthening interconnection and collaboration with our neighbors for this purpose, he added.
“Investors and financiers will risk losing out in not turning towards Asia, which is endowed with vast amounts of natural resources, potential renewable energy and a growing population that is not averse to co-innovation and is increasingly appreciative of a green economy.
“In light of this, there is further potential for the region to develop as a player in the net zero value chain in as much as the rich biodiversity resources and a high percentage of forest cover offer abundant nature-based solutions.”
These are areas where stronger collaboration – between the region and the rest of the world, between industries and sectors – is absolutely necessary to realise crucial energy and climate ambitions, the Malaysian Prime Minister emphasised.
Today, more than 75% of the energy consumed in Asia comes from hydrocarbons and by 2030, Asia’s demand for energy is projected to double.
-Asanewstoday
