International cooperation is Asia’s best shot at achieving its net-zero carbon emissions goal, as shown by the Energy Asia conference
- The inaugural conference set the stage for strategic discussions, notes Datuk Sazali Hamzah, executive vice-president and CEO of the downstream business for Petronas
- Asian countries must collaborate more on policies and solutions, says Dr Atul Arya, senior vice-president and chief energy strategist at S&P Global Commodity Insights
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More than 70 governments have pledged to achieve net-zero carbon emissions by 2050, and that coalition is growing, according to the World Economic Forum. While this indicates serious investment and commitment to the global energy transition, the United Nations has reported that the current set of national climate action plans is falling short. The blunt truth is that, collectively, the world is not yet on track to meet the desired targets.
“Getting to net zero requires all governments – first and foremost, the biggest emitters – to significantly strengthen their Nationally Determined Contributions and take bold, immediate steps towards reducing emissions now,” the UN said, referring to the emissions reduction targets that countries are obligated to submit under the Paris Agreement.
Contributions by Asian countries can make a huge impact, too. The International Energy Agency’s “Southeast Asia Energy Outlook 2022” report found that an accelerated transition to sustainable energy across the region would not only cut carbon dioxide emissions and fossil fuel imports, but also speed up universal access to electricity and clean cooking for the population. In addition, it would provide greater business opportunities within the emerging clean energy economy.
“Asia is going to be the growth engine for energy demand for decades to come,” said Dr Atul Arya, senior vice-president and chief energy strategist at S&P Global Commodity Insights. “That’s where the population is growing. That’s where the economies are growing.”
Arya went on to emphasise the importance of cooperation among various stakeholders in the energy sector. “What we learned working with Petronas and holding three multi-stakeholder dialogues in recent months – which [saw participation] by government officials, companies, NGOs and technology universities – is the importance of collaboration,” he said. “Asian countries need to work together much more than they have been able to do, whether it’s collaboration on technology or policy on financing.”