Asia Energy Security Summit begins

Dharma Sri Abeyratne

The second 2012 a forum examining cooperation for security, stability and sustainability commenced yesterday in Colombo with the participation of experts in the energy sector.

The Asia Energy Security Summit is an annual event debating Asian geopolitics, energy and infrastructural security. The summit which will end today will draw attention on the energy related issues including methods for energy conservation. The summit also focuses on saving resources, such as, oil, gas, petroleum and coal products.

Since the beginning of the usage of oil and gas in the late 19th century, fossil fuels have been the ingredients of economic development of the West. Energy resources in Asia are critical to the developed economies. With the changing dynamics of global economics and geopolitics, Western countries have to share it with Asia’s most vibrant and rising economies, a participant said.

The speakers said that new energy dynamics have resulted in an increase of stress and pressures in the race for access to energy resources, which is reflected on the increase in the prices and on the development of new avenues for supplies. The development of Nuclear Power in Asia is stagnating due to the Fukushima nuclear power plant issue. Fossil fuel and coal power are mainly used as the primary source of energy in Asia, they said.