Reuters reported that Asian countries have accelerated their plans to boost oil reserves, develop a regional power grid, and expand renewable energy in reaction to disruptions in energy supply caused by the war involving Iran.

In a joint statement by nine Southeast Asian countries with Japan and Australia, emphasis was placed on developing oil storage systems in each country and creating regional joint reserves with voluntary participation.

According to the ninth ASEAN Energy Outlook report, published on October 8, the share of renewable energy in the region’s total primary energy supply is only 14.1%. ASEAN countries have now set targets to increase the share of renewable energy to 30% of primary energy supply by 2030 and to 45% of installed electricity generation capacity.

Reuters also reported that the countries in the region have reached a new initial agreement to speed up the implementation of the ASEAN common power grid; a plan first raised in 1997, but whose progress has been slow so far.