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Austin, TX (ZPRYME NEWS) – 05/15/08 - Energy seems to be one of the great propellers of a nation’s economy and is potent in a highly industrialized world. Without the discovery and availability of energy resources, the modern world would not exist as it is today. Through time, countries though have become more vulnerable and dependent on energy resources to run the economy and as such have continuously searched for other sources or supply of energy to meet the demands of their economy.

Just recently, in a report “Energy reform could save Asia-Pacific $US700 billion: UN”, the United Nations announced that if the Asia-Pacific continues to use and increase its use of renewable energy and reduce its consumption, then by the year 2030, the region can save up to 700 billion dollars otherwise. Likewise, the report said that without any reforms to be made on the energy infrastructure, the region is warned to expect a cost increase of about nine trillion US dollars for the next forty years. Also, the region is warned of its heavy reliance on fossil fuel, which makes its economies vulnerable to the stability of the oil price in the market.

On 28 April 2008 on “UN says Asia-Pacific energy reform could save US$700b”, the Prime Minister of Thailand, PM Samak Sundravej, said that with the goal to enhance sustainable development in the Asia pacific region, there is a need for the member countries to give importance to energy resources and make serious efforts geared toward reform in energy management. This statement was affirmed by Trade Minister of South Korea, Minister Kim Jong-Hoon, and added that there is a need for leaders of countries in the Asia-Pacific region to sit down and remodel the picture of economies. Executive Secretary of Escap, Noeleen Heyzer, added that the need to rethink about the energy programs of these countries as oil prices are at all time high and global warming due to the impact of emissions poses serious threat to our ecology. Heyzer also added that there is an estimated 1.7 billion Asians who still use inefficient and dirty fuel.

One of the major energy reforms that are much discussed in regional fora is the energy subsidy reform. In a UN on “Energy Subsidy Reform and Sustainable Development: Challenges for Policy Makers”, the United Nations recognized the importance of reform in energy subsidy and through time made serious efforts and educational campaigns to make reforms in the energy sector. Dialogues were facilitated by the UN among countries on the possible effects of energy subsidies on sustainable development and for member countries to discuss case-to-case experience and analysis on energy subsidy reform and to look for win-win solutions that would define and implement energy subsidy reform.

Other aspects of energy reform include the search for renewable sources of energy and the use of clean energy. In “3 MW Biogas Plant in the Philippines”, the UN report mentioned of a 3.4 million dollars investment for a project consortium that would evaluate the policy context and quantify the green house gas emission reduction through a proven, low-cost technology that is used to extract biogas from an alcohol distillery refuse and determine if the greenhouse gas emission is abated. Also, an initial investment of 7 million dollars for a Clean Energy Development Fund is expected to generate investment on the development of clean energy through clean industry is Nepal.

These are some of the developments in the Asia-Pacific geared toward the institution of reforms in the energy sector.

By

Zpryme: Emerging Markets Group

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