LOC18:05
15:05 GMT
KUALA LUMPUR, June 16 (KUNA) -- The Southeast Asian bloc ASEAN will transform into a "strategic" hub for future energy demand, OPEC's secretary general Haitham Al-Ghaith said on Monday.
The Southeast Asian region should lead global energy demand moving forward, accounting for almost half of global consumption and 70 percent of energy growth by the year 2050, the OPEC chief told the Energy Asia 2025 conference in the Malaysian capital, which highlights the region's growing importance in shaping the future of energy.
On the role of ASEAN member states, he predicted that "Asia will add over 800 million vehicles to the car fleet by 2050," while OPEC member states, as energy exporters, share a "good collaboration" with importers like southeast Asian countries, added the OPEC chief.
Looking ahead to the year 2030, he said that around "half a billion people will move into new cities," which was equal to the creation of 50 new cities the size of the Malaysian capital in just five years, causing global energy demand to soar, he said.
As the world moves forward with the transition to cleaner energy sources, he called for the need of a " balanced approach" that doesn't compromise energy security or affordability, saying that renewables alone "would not meet the world's needs."
He went on to cite OPEC estimates showing that global energy demand would rise by 24 percent in the year 2050, with the Asian region witnessing the "fastest growth globally," he said, acknowledging homegrown initiatives in member states Saudi Arabia and the UAE to push forward the transition to renewable sources.
The talks in Kuala Lumpur bring together some 4,000 participants ranging from decision makers to experts, all of whom will discuss the future of the energy industry in the region and beyond. (end)
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