Abstract

Energy is a crucial component of the ASEAN Economic Community (AEC) vision, which strives for an integrated, competitive and resilient region, opening investment opportunities. All the developing economies within the Asia-Pacific region are expected to account for approximately two-thirds of global energy demand growth by 2040 (International Energy Agency, IEA). The countries in this region are energy dependent and rely substantially on energy imports, primarily on oil and natural gas, mainly conventional energy. A substantial production and consumption of energy in ASEAN is based on conventional energy sources. Moreover, renewable energy consumption in the region has been declining over the years. This paper attempts to explore two main objectives. Firstly, the paper examines the renewable energy potential of the region and the level of energy security related to renewable energy. This objective is achieved by computing energy security index for renewable energy, deploying 4A energy framework and Principal Component Analysis (PCA method). Secondly, the paper attempts to examine the significance of legal and regulatory framework in the energy cooperation of renewable energy. Energy cooperation in the arena of renewable energy would entail a well-structured legal framework that formulates various energy-related Acts, tariffs, custom duties on raw material, technology patents, etc. The paper proposes certain crucial policy recommendations for achieving energy security related to renewable energy, proposing a legal regulatory framework for energy cooperation to strengthen deployment of renewable energy.

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