Call for pan-Asian energy market

Economists have recommended setting up a pan-Asian energy market by 2030 to address massively increased energy demands assuming the region sustains growth of 6 percent in the years ahead.

Developing Asia needs policies on both demand and supply as well as regional cooperation and integration, said Minsoo Lee, senior economist of the Asian Development Bank at a seminar in Beijing on Friday.

He suggested setting up a ministerial level task force to study European experiences.

Given the lack of alternatives, demand for fossil fuels will continue to grow, although their consumption could cause disaster for the environment, said Lee.

Without radical change to the current energy mix, coal use will grow by 81 percent, oil consumption will double and natural gas use will more than triple, according to a book - Asia's Energy Challenge-Key Issues and Policy Options - compiled by the bank and launched at the seminar.

Oil imports to the region will triple by 2035 and reliance on Middle Eastsuppliers increase. As a result, continued reliance on fossil fuels will double carbon dioxide emissions to more than 20 billion tons.

Only three economies in Asia - Kazakhstan, Azerbaijan, Brunei Darus Salam - will be energy self-sufficient by 2035, according to the book.