Big things are happening across the Asian map on the energy frontier.
Nine Southeast Asian nations, in addition to Japan and Australia, are pledging to develop oil stockpiling systems in response to volatility caused by the Iran war, Reuters reported on Oct. 8. Prior to the war, 80 percent of the oil transported through the Strait of Hormuz from the Gulf flowed to Southeast Asia.
Japan said it is aiming to boost its crude oil reserves, and the Philippines, which imports nearly all of its oil and fuel, has plans to create a national reserve by the end of 2027, which could subsequently be converted into a regional stockpile.
In addition, the Association of Southeast Asian Nations member countries are looking to increase the share of clean energy power generation, targeting 30 percent renewables in total primary energy supply and 45 percent in installed power capacity, while agreeing to develop a regional power grid.
This follows closely behind the
