IEA: ASEAN Should Diversify Energy by Learning from European Energy Crisis

• 28 October 2022
• Local News
• 1094 Views

The International Energy Agency (IEA) has warned that Southeast Asia is vulnerable to the energy crisis due to the rapid growth of regional demand and should diversify its energy sources.

IEA Executive Director Fatih Birol said in CNA on 25 October that Southeast Asia should learn from the crisis in Europe due to Russia’s heavy reliance on energy.

“Europe made a mistake, despite the IEA’s years of underlining and warning that you shouldn’t rely on one single major supplier for anything,” he said.

“The bulk of the gas, and a significant part of the oil, was coming from one single country, which is Russia.”

Birol also urged Southeast Asia to invest more in the clean energy sector to reduce its long-term reliance on fossil fuels, which are prone to challenges due to price fluctuations and adverse effects on the economy.

“It’s controlled by a few major energy exporters, and for political reasons or other reasons, they may change their minds and they can push the prices up. And your economy is completely vulnerable to the higher prices,” he said.

He further recommended that the best solution is to turn to clean energy options such as solar, hydropower, and bio-energy, and use vehicles such as electric vehicles.

• Energy and Environment