Asia’s clean-energy ambitions are expected to face risks as nations look to sign gas supply deals with the United States to readjust trade balances amid the spectre of American tariffs. Japan and South Korea are considering investing in a long-delayed US$44 billion liquefied natural gas (LNG) export project in Alaska backed by US President Donald Trump , while Bangladesh, India, Vietnam and the Philippines are likely to strike US LNG deals, according to observers. Asia is the most exposed region globally to the risk of fossil fuel dependency that strains budgets and adds carbon emissions, according to a report by energy think tank Ember. About a quarter of the world’s countries spent more than 5 per cent of their gross domestic product on annual fossil imports in 2022. Rapidly improving
Tag Archives: FossilFuels
Mar
With the US retreating from climate finance and fossil fuels getting cheaper, Asia faces a choice: chase short-term gains or find new partners to keep its clean-energy future on track. Washington’s withdrawal last week from the Just Energy Transition Partnership (JETP), a global initiative to help developing nations shift from coal to renewables, has cast a long shadow over energy-hungry Asia, which faces intensifying climate threats and a fast-evolving geopolitical landscape. The price of Brent crude oil recently plunged to a five-month low before inching up as the world’s most influential oil cartel, Opec, increased output from April in response to pressure from US President Donald Trump to bring down prices. A possible early resolution to the Ukraine-Russia war could open the tap to cheap oil from Russia that had
Feb
China and the rest of the world remain thirsty for oil. That means the commodity’s central and volatile role in geopolitics continues, with decades-old realities driving economics, trade, alliances and conflicts for the countries dependent on fossil fuels. Yet, change lies ahead. Last month’s short-lived rally underscores oil’s mercurial clout. Brent crude hit a four-month high of US$82 a barrel after the United States expanded sanctions on Russia and Iran. Oil-supply news shocks continue to have an immediate and enormous impact on the global economy; other policy shifts such as tariff increases matter too. Meanwhile, after years of production cuts, Opec+ members refuse to ramp up supplies before April, if even then. US President Donald Trump wants America to “drill, baby, drill” , thereby forcing prices down to the detriment