In Response to Japan Using the AZEC Ministerial to Lock Asia Into Fossil Fuel Dependency

In Response to Japan Using the AZEC Ministerial to Lock Asia Into Fossil Fuel Dependency

Japan used today’s AZEC+ Ministerial Meeting in the Philippines to secure action plans for crude oil stockpiling with its Asian partners under POWERR Asia, the US$10 billion initiative Prime Minister Sanae Takaichi launched in April. POWERR Asia (Partnership on Wide Energy and Resources Resilience Asia) is built to finance alternative crude oil and gas supplies, expand stockpiling and infrastructure such as storage tanks, and further lock in Asia’s fossil fuel dependency by providing financial support for more LNG and biofuels.

In response, Oil Change International Senior Partnership and Outreach Officer Hikmat Soeriatanuwijaya said:  

“Japan is trying to hold Asia hostage to imported fossil fuels at a time when gas is increasingly expensive [1]. POWERR Asia’s stockpiling agreements would keep the region buying oil for the benefit of Japanese corporate profits. This would leave Asia as vulnerable to the next war as it is today. Governments across Asia are recognizing the opportunity to free themselves from oil shocks and gas volatility by speeding the development of renewables. Solar and wind need no imported fuel and no tanker route. Japan must stop financing fossil fuels and support renewable energy and grids to achieve the energy security Asia deserves.”

Notes to the editor:

[1] Read our recent analysis, Asia’s gas gamble: Trump’s AI and energy dominance agenda means costlier LNG and Press Release