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View all search resultsASEAN should aim high with quality energy infrastructure
We can anticipate that post-COVID-19 economic recovery will drive increased economic activities and energy demand in all sectors.
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apid economic development over the past two decades has transformed the Southeast Asia region to the point where it is able to participate in international production networks which allows more exports of manufactured products, textiles and other primary high-quality valued-added products.
This transformation is due in part to foreign investors who have been attracted to the region because of favorable labor conditions, growth of connectivity and innovation, and regional political stability as driven by the ASEAN vision. These changes have provided many additional growth opportunities for the region, which have in turn improved the well-being of ASEAN peoples through income generation and employment.
As the region has embarked on continued progress on the development of quality infrastructure, connectivity and innovation are keys for the region to ensure prosperity and sustainable development.
However, we can anticipate that post-COVID-19 economic recovery will drive increased economic activities and energy demand in all sectors which indicates the need to sufficient investment, especially in secured energy infrastructure and other hard and soft infrastructures, to fill the infrastructure gaps.
To satisfy this growing demand, huge energy- related infrastructure investment is necessary between now and 2040. The East Asia Summit (EAS) Energy Outlook 2019 projects US$430-440 billion will be necessary in the power generation sector, including $149-226 billion for refineries and $16-28 billion for LNG terminals (Kimura & Han ed.2019).
More broadly, the International Energy Agency (IEA) Outlook 2017 projects $2.1 trillion will be required for oil, gas, coal, and power supply. More than 60 percent of investment goes to the power sector with transmission and distribution (T&D) accounting for more than half of the total necessary investment.
The region is very fortunate to have different stakeholders supporting infrastructure improvement in a manner that bridges the missing links in ASEAN region. In this sense, ASEAN should focus on key development partners that promote long term development sustainability especially the focus on quality infrastructures, building human resources and bringing in knowledge and innovation to the region.
