RIS-DP # 93/2005
With booming economic growth Asia will play increasingly important role in global economic and energy matters. World primary energy consumption is projected to expand at an average annual growth rate of 2.1 percent by 2020. About 70 percent of the increase would be accounted for by non-OECD member economies, two thirds of which are from the Asian region. The increase in demand for oil in Asia will most likely amplify the dependency on shipments from other regions (particularly the Middle East). Ensuring energy security would therefore turn out to be a vital task. In Asia (particularly East Asia), the achievement of the three Es (economic development, energy security, and environmental preservation) could no longer be viewed as a task to be addressed by each economy separately. Instead, it should be approached through regionwide cooperation - a goal of common interest.