26 October 2021
As the world recovers from the economic effects of the COVID-19 pandemic, a global energy crisis is looming. In some parts of the world, including in Southeast Asia, energy prices are skyrocketing because of a shortage of supply, particularly of natural gas and coal. As ASEAN heads toward its energy transition, it is vital to maintain energy resilience and security in the region to mitigate future threats of energy crises.
Recently, ASEAN has strengthened its commitment to enhancing energy resilience and improving energy security as a foundation for an inclusive and just energy transition through the adoption of the Bandar Seri Begawan Joint Declaration on Energy Security and Energy Transition.
ASEAN member states recognize that the future energy transition should be approached pragmatically, depending on unique and diverse national circumstances. Renewable energy (RE) can play a crucial role in creating a lower-emissions energy sector. Moreover, indigenous RE energy sources will be essential for protecting ASEAN from the volatility of the global prices of energy, especially of fossil fuels.