Asia/World Energy Outlook: Focusing on ASEAN economies towards market integration
By 2040, ASEAN’s primary energy consumption will increase more than two times. IEEJ shares how the region’s economies could address this by collaborating on the effective use of regional energy resources.
The world’s primary energy consumption will reach 18.9 billion tonnes of oil equivalent (Gtoe) in 2040, up 40 per cent from 2014. ASEAN will be a significant contributor to this growth. During this period, the region’s primary energy consumption will increase more than two times, accounting for 14 per cent of the global increment.
To meet ASEAN’s growing energy demand and fuel its economic growth, countries in the region will require enormous investment in energy resource development and infrastructure construction. This provides an opportunity for collaboration to promote effective use of regional energy resources.
For example, infrastructure consolidation, such as power grid interconnection, can be expected to reduce energy imports, increase energy self-sufficiency and suppress carbon emissions.
More on the long-term outlook of energy supply and demand in ASEAN, and the ways in which the region’s economies can work towards market integration, can be found in this paper that was recently published by The Institute of Energy Economics, Japan (IEEJ).
By: IEEJ