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In February 2016, the Bank of Japan (BOJ), in order to reach a 2% inflation target, initiated a negative interest rate policy by increasing massive money supply through the purchase of long-term Japanese government bonds (JGBs). This policy flattened the yield curve of JGBs. Banks started to purchase government bonds less frequently, because of the negative yield for both short-term government bonds and even for long-term government bonds up to 15 years. On the other hand, a vertical investment–savings curve in the Japanese economy prevented the growth of corporate bank loans. Except for a few periods, the 2% inflation target could not be achieved. This paper examines this phenomenon, presents the reasons behind it, and offers solutions.
By Kapil Narula. Posted April 15, 2016
Access to energy sources at low prices will continue to drive the world’s political agenda as energy is a component as well as an object of national power. The world’s primary energy consumption from commercial sources of energy has grown from approximately 8,600 million tons oil equivalent (mtoe) to 13,000 mtoe from 1995 to 2015 and is forecasted to grow approximately by the same amount to 17,300 mtoe by 2035.
By Kapil Narula. Posted December 3, 2015
The Turkmenistan–Afghanistan–Pakistan–India (TAPI) gas pipeline project was first conceived in October 1997 by Central Asia Gas Pipeline Limited (CentGas). Almost 18 years later, the pipeline—often dubbed as the “on/off pipeline,” the “pipeline dream,” and the “peace pipeline”—although still on the drawing board is inching closer to reality.
Energy security and sustained growth: Analysis of the energy outlook and savings potential in the EAS region
By Han Phoumin. Posted November 18, 2015
Sustained population and economic growth have almost doubled both primary and final energy demand in the East Asia Summit (EAS) region, and this rising energy demand is posing an increasing threat to energy security. Examination of potential energy saving is key to reducing energy demand and carbon dioxide (CO2) emissions, and findings can shed light on policy implications for decision making to ensure the region can enjoy economic growth without compromising energy security or causing environmental problems.
Japan is almost fully dependent on energy imports. In March 2011, a devastating earthquake and tsunami hit eastern Japan and damaged the nuclear power plant in Fukushima. This disaster led to the shutdown of all nuclear power plants due to the lack of government safety approvals. Japan replaced this significant loss of nuclear power with energy generated from imported natural gas, low-sulfur crude oil, fuel oil, and coal.
By Christoph Frei. Posted June 19, 2015
As we gather this week for the 2015 Asian Clean Energy Forum, the context for our meeting has changed greatly from that of last year. We have seen a dramatic drop in the price of oil, which has sent shockwaves through the entire energy sector. Volatility is the new normal, and, for a sector known for its conservative outlook, this drives those at the forefront of the energy challenge to re-evaluate traditional norms. However, we see that it is not just price shocks that keep energy leaders awake at night: extreme weather and large-scale accidents/disruptions top the list of issues facing energy leaders in Asia.
By Joni Jupesta. Posted January 20, 2015
The concept of “green growth” has been connected to the “green economy for sustainable development and poverty reduction,” which is the first theme of the Rio+20 United Nations Conference on Sustainable Development (UNCSD). In addition, making cities and human settlements inclusive, safe, resilient, and sustainable is becoming one of the 17 sustainable development goals proposed by the Open Working Group on Sustainable Development Goals targeted to replace the United Nations Millennium Development Goals which will expire in 2015.
By Venkatachalam Anbumozhi. Posted October 21, 2014
The pattern of energy supply and demand that has prevailed over the last 3 decades is undergoing transformation, with great consequences for Asia’s energy security and regional cooperation. The two factors driving this transformation are the rise of the Association of Southeast Asian Nations (ASEAN), the People’s Republic of China (PRC), and India as major energy consumers, and the impressive additions to oil, gas, and coal output. The first is driven by growing populations, industrial growth, and economic ascendance of emerging economies. The second stems from the opening up of new geological formations for the production of conventional fuels at reasonable costs.
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