ASEAN Headquarters, Indonesia – November 20, 2023 – The ASEAN Centre for Energy (ACE) proudly participated in the Eurasian Economic Union (EAEU) Days at the ASEAN Headquarters, marking the 5^th anniversary of the Memorandum of Understanding (MoU) signing between ASEAN and the Eurasian Economic Commission (EEC) on economic cooperation.

ACE’s Executive Director, Dr. Nuki Agya Utama, took part in a pivotal roundtable discussion on “Strengthening ASEAN-EAEU Ties: The Role of Business Communities” alongside Mr. Dmitry Volvach, Deputy Minister of Economic Development of the Russian Federation; Mr. Sergey Glaziev, Member of the Board, Minister for Integration and Macroeconomics, Eurasian Economic Commission; Mr. Ivan Polyakov, Chairman of Russia-ASEAN Business Council; Ms. Latifahaida Abdul Latif, Assistant Director/Head of Analysis & Monitoring on Finance and Socio-Economic Division, ASEAN Secretariat; Mr. Didit A. Ratam, Head of the Bilateral Committee for Russia, Georgia, Serbia and Bosnia-Herzegovina, Indonesian Chamber of Commerce and Industry (KADIN); Ms. Amor Maclang, Convenor of Digital Pilipinas; Ms. Hanzela C. Kusumamenggala, Founder & CEO, PT Astana Manana Indonesia; and moderated by Mr. Daniyar Akkaziev, Executive Director, Russia-ASEAN Business Council.

The roundtable aimed to foster greater collaboration between ASEAN and EAEU on the international stage, identifying promising areas such as the circular economy, industry, food security, logistics, digital technologies, tourism, and energy efficiency for future cooperation, in which one of the discussion points was on decarbonizing EAEU and ASEAN: Pathway to a Net-Zero Future.

In his remarks during the roundtable, Dr. Nuki emphasized the shared characteristics of the EAEU and ASEAN economies, both predominantly composed of emerging economies. He shared that ASEAN’s economy is projected to grow by over four times in the next three decades, emphasizing the importance of enhancing energy connectivity and market integration in achieving energy security, accessibility, affordability, and sustainability for all.

Highlighting projections from the 7^th ASEAN Energy Outlook (AEO7), Dr. Nuki outlined the potential quadrupling of primary energy demand in the region. However, he emphasized that regional efforts in energy efficiency and renewable energy measures could limit this growth to 2.7 times, underscoring the importance of decoupling economic growth and energy demand.

Addressing the role of fossil fuels, Dr. Nuki acknowledged their significance in the ASEAN energy landscape, especially in transport, power, and industry sectors. He stressed the need to optimize and secure these resources while actively pursuing energy diversification strategies.

Dr. Nuki applauded recent progress in the ASEAN Power Grid (APG), highlighting the success of the LTMS-PIP, a 100 MW project currently under discussion for a potential upgrade to 300 MW. Additionally, he noted Indonesia’s initiation of the (BIMP) interconnection project during its Chairmanship, with ACE conducting feasibility studies between Indonesia and Malaysia in line with the (AIMS) III initiative.

Beyond electricity, Dr. Nuki underscored the importance of interconnectivity in other energy sectors, including oil and gas for security and bioenergy infrastructure. He advocated for the facilitation of emerging technologies such as hydrogen, ammonia, and carbon capture and storage (CCS) through robust interconnection.

Dr. Nuki also recommended strategic initiatives like a common gas market, oil stockpiling, and a trans-ASEAN gas pipeline to secure energy during the ongoing energy transition, addressing potential market volatility.

The ASEAN Centre for Energy remains committed to fostering collaboration and facilitating sustainable energy solutions for the ASEAN region and beyond.