At a meeting held recently in Vientiane, Loas, energy ministers from the Association of Southeast Asian Nations (ASEAN) called for more investment and research into renewable energy - including hydro power - to help address the challenges of soaring oil prices.
Following the 24th ASEAN Ministers on Energy Meeting, a joint statement was issued which highlighted the ‘fundamental need of ASEAN member Countries for reliable, adequate and affordable energy supplies which are essential for strong and sustainable economic growth and competitiveness’.
The ministers affirmed the importance of maintaining energy security and stability as a priority agenda, as high oil process are clear risks to sustained economic growth of the ASEAN region. They stated that continued investment in energy production and infrastructural development is needed to secure an adequate and stable supply of energy.
The Ministers agreed to strengthen renewable energy development, such as hydro power, biomass and biofuels and to promote power trade cooperation in ASEAN.