Bandar Seri Begawan (The Brunei Times) - Brunei Darussalam is determined to achieve the 45 per cent reduction target in energy intensity by 2035 by balancing the energy mix in fossil fuels and renewable energy, apart from setting up a funding mechanism for energy efficiency initiatives.
Speaking at the 10th APEC Energy Ministers Meeting (APEC EMM) in St Petersburg, Russia, on Monday, the Minister of Energy at the Prime Minister's Office said this includes the use of energy efficient technologies and transforming its existing power generation to higher efficiency.
The journey in realising the target will complement the recent study by Mitsubishi Research Institute (MRI), which says Brunei can reduce its dependency on domestic fossil fuel supply by 63 per cent compared to business as usual.
Yang Berhormat Pehin Datu Singamanteri Colonel (Rtd) Dato Seri Setia (Dr) Hj Mohammad Yasmin Hj Umar was representing Brunei Darussalam at the meeting, and was accompanied by Permanent Secretary (Upstream) at the Energy Department Hj Azhar Hj Yahya and Charge d'Affaires of Brunei to Russia Norenawaty Entunie.
The minister also touched upon the challenges at present faced by energy market development, with respect to energy security and sustainable development.
He said investments in research and development, especially in clean and renewable energy, will continue to play an important role in pursuing affordable and innovative solutions.
Member economies must also be willing to share data openly with organisations such as the Joint Organisations Data Initiative (JODI), he stressed, adding that this acts as a platform for better transparency in attaining market stability.
The meeting endorsed the St. Petersburg Declaration "Energy Security: Challenges and Strategic Choices", highlighting the common understanding that global financial, political developments and increase carbon emissions will pose challenges in having secure and sustainable growth.
A press statement from the Energy Department at the Prime Minister's Office (EDPMO) said as part of the priority, there will be a need to improve sustainability, efficiency, predictability and transparency. The declaration also called for enhancement and balance of gas in market share, renewable energy development and safety in nuclear energy efficiency.
All these efforts are also in line with the Green Growth goals set at the APEC Leaders 2011 Honolulu Declaration, where it called for reducing aggregate energy intensity by 45 per cent by 2035.
Brunei Darussalam was among the 21 APEC member countries who attended the 10th APEC EMM.
The APEC meeting provided the opportunity to update progress on energy security measures in providing sustainable energy.