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Asia Cooperation Dialogue (ACD) ASIA COOPERATION DIALOGUE Chaired by Isabelle Tseng Session XXIII Asia Cooperation Dialogue (ACD) Topic A: Energy Security Topic B: Increasing Financial Cooperation Committee Overview dialogue and focused projects. On the dialogue dimension, member countries take The Asia Cooperation Dialogue turns to host annual ACD Ministerial (ACD) is an Asian-wide cooperation Meetings, ACD Summits and other framework inaugurated in June of 2002 in voluntary tasks force gatherings with Chan-am, Thailand. It is the first continent- focused agendas. On the sidelines of the UN wide forum established in Asia with the General Assembly, Foreign Ministers also “key principle of consolidating Asia’s meet to review ACD cooperation and strengths and fortify its competitiveness magnify Asia’s presence on the international with the rest of the world through the stage.3 On the projects dimension, member maximization of its rich diversity and countries organically become prime or co- resources.”1 It began with the 18 founding prime movers to drive their chosen areas of member countries of Bahrain, Bangladesh, cooperation and to develop projects to Brunei Darussalam, Cambodia, China, advance Asia’s interests. The perks of ACD India, Indonesia, Japan, Republic of Korea, being a forum instead of an organization Lao PDR, Malaysia, Myanmar, Pakistan, means that the choice and adoption of Philippines, Qatar, Singapore, Thailand, and projects do not require consensus from all or Vietnam. Aiming to incorporate every Asian the majority of ACD countries.4 country, ACD has grown into an Asian Since its inception, ACD has community of 34 countries with the addition identified 20 priority areas for cooperation.5 of Afghanistan, Bhutan, Iran, Kazakhstan, During this session, the Asian Cooperation Kuwait, Kyrgyz Republic, Mongolia, Nepal, Dialogue will focus on two of its priority Oman, Russia, Saudi Arabia, Sri Lanka, areas, namely Energy Security and Tajikistan, Turkey, United Arab Emirates, Increasing Financial Cooperation. Through and Uzbekistan.2 Altogether, these member constructive open discussions and the countries geographically encompass development of project proposals, this Central, East, West, South, and Southeast committee strives to find new common Asia. grounds to unify member countries. The Unique to this committee is its challenge is to address the new range of informal, voluntary and non-institutional vulnerabilities Asian countries face and approach. Rather than overlapping with propose resolutions at their comfort level. other cooperation efforts, ACD aims to fill in the gaps through two dimensions of open 1 About ACD (Asia Cooperation Dialogue), 4 Cross border Infrastructure, ACD, (Asia Integration Border) http://www.acd-dialogue.org/about-acd.html. https://aric.adb.org/initiative/asia-cooperation-dialogue. 2 Ibid. 5 Ibid. 3 Ibid. Asia Cooperation Dialogue (ACD) 1 Topic A: Energy Security Introduction to be prepared for sudden changes in energy conditions and have contingency plans to Energy security is broadly defined as address emerging risks. ACD forums can “uninterrupted availability of energy examine emergency preparation and sources at an affordable price.”6 Though responses by other agencies such as the each country may have different priorities, International Energy Agency (IEA). IEA each fundamentally seeks to ensure reliable, holds response exercises (EREs) to train affordable and perhaps clean energy. In the countries on how to effectively respond to a short term, the ability to rapidly fulfill major global oil supply on the market.10 sudden energy demands is important. For Also, to not exhaust limited energy the long term, the focus is on energy resources, countries have the obligation to investments and cooperation for energy regulate energy demand and supply for the security. Recognizing climate change and a sake of future generation’s energy security. growing population, there is newfound anxiety over the sufficiency of resources to supply the world’s future energy needs. Historical Background Hence, the catalyst to investigating During World War I, with the sustainable energy. intention to make the British Navy ships Global reliance on oil and natural gas, faster than its German counterparts, is a risk in energy security. Oil security is Winston Churchill surprisingly shifted the affected by price fluctuations and risks like power source from coal to oil. This relied on natural disasters.7Adequate emergency insecure oil supplies from Persia rather than response and oil reserves in place can offset the coal from Wales.11 Since Churchill’s potential oil crises. Natural gas security historic decision, energy security has relates to unpredictable events too, such as repeatedly emerged as an important damaging weather and geopolitical question of national strategy. In recent tensions.8 Establishing new policies within decades, the paradigm has shifted to include this interdependent, globalized market can many new factors and governments now prevent an oversupply of natural gas.9 recognize that energy security is not just a Electricity security has become more local issue, but one that has implications on essential with the emergence of the digital a country’s foreign relations.12 era and heavy dependency of technology in Asia is the largest continent, daily lives. Incorporating renewable energy spanning 29.4% of the land area in the world sources into existing systems can provide a and, as of 2019, accounts for 60.7% of the steady supply of electricity. Countries need total global population from its 48 6 Energy Security, (The International Energy Agency, 2019), 10 Ibid. https://www.iea.org/topics/energysecurity/. 11 Daniel Yergin, Ensuring Energy Security, (United Nations, 2006), 7 Ibid. https://www.un.org/ga/61/second/daniel_yergin_energysecur 8 Ibid. ity.pdf 9 Ibid. 12 Ibid. Asia Cooperation Dialogue (ACD) 2 countries.13 Its past decades of rapid continues to grow. During the 1970s, North economic and social growth spurred an America consumed twice the amount of oil exponential increase in demand for energy. Asia had been consuming.15 However, it was Achieving energy security is essential for discovered last year that for the first time Asia’s long-term stability and prosperity, yet ever, Asia’s oil consumption was higher it is a challenge that no single country can than North America’s. Asia’s energy resolve on its own. Energy security has been demands are predicted to continue to grow at the forefront of discussions at the Asia and account for half of the rise in global Cooperation Dialogue among policymakers consumption by 2024.16 Asia’s huge energy and thought leaders. Concurrently, Asia demand was apparent, in 2004, when the faces pressures from the international region underwent a “demand shock.”17 community to achieve environmental Global petroleum consumption rates were sustainability in its energy choices. In this the highest that year and China’s demand narrative, there has been a special focus at grew by 16 percent since the previous year.18 ACD on cooperation in Energy with Many countries increased their gas Bahrain, China, Indonesia, Kazakhstan, consumption that year and their demands Qatar, and The Philippines as prime and co- resulted in the “tightest oil market in three prime movers. decades.”19 There was barely any excess oil On 13 January 2004, the first meeting produced to supply to countries needing of the ACD working group on energy more oil. security was held in Manama, the Kingdom of Bahrain and the second meeting was held Contemporary Conditions in Makati City, the Republic of the Accessibility to Energy Philippines on 19-20 May 2004. Consensus As global energy demands continue points were reached at the end of the to increase, energy supplies are starting to meetings marked as the Qingdao Initiative. decrease. Countries are trying to find ways The participating 22 countries stressed the to meet their personal energy needs, yet at need for a secure, stable, and sustainable the same time, around 65 million people are demand and supply of energy.14 Markets still living without electricity.20 Lack of and politics dictate energy prices. After the access to energy is shown to contribute to Persian Gulf War, concerns over energy poverty and hunger. Hence, energy security seemed to recede only to face a accessibility across all areas around the spike in prices due to substantial increase in world is a pressing energy security issue that global oil demand triggered in particular by needs to be discussed. China and India. The United Nations Development China, India, and other countries’ Programme (UNDP) describes energy demand from the global energy supply poverty as the “inability to cook with 13 Bridgat, List of all Countries in Asia, (Bridgat, 2019), https://www.iea.org/newsroom/news/2019/june/demand- https://countries.bridgat.com/asian-countries/. from-asia-is-set-to-power-the-growth-of-the-global-gas-industry- 14Ministry of Foreign Affairs of Thailand. “Progress Report on over-the-n.html. 17 Daniel Yergin, Ensuring Energy Security, (Foreign Affairs, 2006), ACD Cooperation Projects”, (ACD, 2004). https://www.foreignaffairs.com/articles/2006-03-01/ensuring- 15 Daniel Yergin, Ensuring Energy Security, (Foreign Affairs, 2006), energy-security. https://www.foreignaffairs.com/articles/2006-03-01/ensuring- 18 Ibid. energy-security. 19 Ibid. 16Demand from Asia is Set to Power the Growth of the Global Gas 20 Southeast Asia Energy Outlook 2017, (IEA, 2019), Industry Over the Next Fiver Years, (IEA, 2019), https://www.iea.org/southeastasia/.
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