Asia races to stockpile oil, speed up renewables in response to Iran war
USO•Asian countries are working to expand oil reserves, accelerate renewables and advance a regional power grid after supply risks from the Iran war. ASEAN members target renewables at 30% of primary energy supply and 45% of installed power capacity.
1. Oil reserve plans
Japan agreed on action plans with Asian partners to boost crude oil reserves, while nine Southeast Asian nations, Japan and Australia cited support for national and voluntary regional stockpiling. The Philippines plans to create a national oil reserve by the end of 2027, which could later be converted into a regional stockpile.
2. Renewables and power grid
ASEAN members pledged to target 30% renewables in total primary energy supply and 45% in installed power capacity. Renewables currently account for 14.1% of primary energy supply and green power for 33.7% of installed capacity, the ninth ASEAN energy outlook showed. The countries also reached an enhanced preliminary agreement on a regional power grid, with a review underway to speed up implementation.
