Oil is different. And it poses the greatest threat to the adequacy of Asia’s physical energy supply. Proven reserves of
crude oil in the region amount to a mere 9% of the world total.
When combined with natural gas liquids, the Asian share is 15% of world reserves (Table 2.1.4).
An achievable energy fut...
ure for Asia
Energy consumption that more than doubles under the Asian Century vision poses a colossal challenge. Can it be achieved? Where will Asia find so much energy—over half the energy needed by the entire world in 2035? If the answer is that Asia cannot find it, the region will not realize the Asian Century. Asia faces a stark reality: Either it secures adequate energy supply or economic growth suffers accordingly. Even if Asia is able to secure enough physical energy supply, there remains the question of whether it can do so while safeguarding environmental sustainability and ensuring affordable energy for all. The three pillars of energy security are examined below, one by one.
--- MTOE = million tons of oil equivalent, NRE = new and renewable energy.
Source: Lee, Park, and Saunders, forthcoming.
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