Overview:
Washington, D.C. – On July 18, FAO Global Associate Sophia Song attended an event held by Center for Strategic and International Studies (CSIS) on Energy Investment and Infrastructure in Asia. The expert discussions provided with FAO Global more in-depth insights about shared interests from U.S. and regional leaders in Asia’s energy future, the role and opportunities of government, and possible ways for regional collaborations with U.S. to advance developments in energy sector.
3 Key Takeaways:
- The Indo-Pacific region needs to upgrade and expand its energy systems, modernize its infrastructure, and build regional markets for the exchange of energy commodities. With the region’s annual investments falling far short of this need, government reforms and private sector investment are critical to helping Asia overcome this key constraint to growth and stability.
- Asian countries have admitted that they cannot develop without energy, and they are looking forward to working with the U.S. to make energy affordable and advance the energy infrastructure. Achievement of energy efficiency is going to save billions of dollars.
- Two-thirds of projected global energy growth over the next two decades will occur in developing countries across the Indo-Pacific. Among those countries, India and Vietnam represent the largest energy needs and market opportunity.
FAO Global Assessment:
Spanning the California coast to the western shores of India, the Indo-Pacific region is home to the fastest growing markets. The region offers unprecedented potential to create U.S. jobs, while also improving lives in Asia and around the world. Faced with barriers such as corruptions which are often founded in the Indo-Pacific energy sector procurements due to the absence of open, competitive bidding for foreign suppliers, the U.S. and other companies need open, transparent and best-value procurement processes which will allow countries to generate energy supplies in an affordable way. Expect to have a secure energy future in Indo-Pacific region, while maintaining reliability and minimize environmental impact at the same time.
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