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50 years of ASEAN: Meeting the energy challenges
ASEAN has been struggling with what is known as the energy trilemma.
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Like many other regions, ASEAN has been struggling with what is known as the energy trilemma. (Shutterstock/File)
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SEAN marks its 50th anniversary this year. The grouping, with a population of about 630 million people and a combined gross domestic product (GDP) of US$2.4 trillion, is one of the fastest-growing regions in the world.
Its economy, the third-largest in Asia and sixth-largest in the world in 2015, is projected to ascend to fourth position by 2040. With an average annual GDP growth rate of 5.3 percent over the last eight years, ASEAN has consistently outperformed global growth. In time for its golden anniversary, ASEAN has evolved into a vibrant economic community and global trade hub.
ASEAN’s fast-expanding economies and growing populations mean rising consumption of energy resources, especially fossil fuels. Like many other regions, ASEAN has been struggling with what is known as the energy trilemma.
The energy trilemma — a term introduced by the World Energy Council — sums up the difficulty in finding secure energy supplies and meeting rising energy demand without prices becoming unaffordable, all the while reducing greenhouse gas emissions.
This trilemma has been addressed in ASEAN’s current energy blue print, the ASEAN Plan of Action for Energy Cooperation (APAEC) 2016-2025, a document produced every 5 years as an energy policy guideline for the region.
APAEC Phase I: 2016-2020 focuses on enhancing energy connectivity and market integration in ASEAN to achieve energy security, accessibility, affordability and sustainability for all.
Indeed, energy is one of the key elements in the realization of the ASEAN Economic Community (AEC), which calls for a well-connected ASEAN to drive an integrated, competitive and resilient region.
