Work plan to strengthen oil reserves agreed at AZEC ministerial meeting - Philippines

[Manila Current Affairs] A ministerial meeting of the Asian Zero Emission Community (AZEC), a collaborative framework for 11 countries including Japan and Southeast Asian countries, was held on the 8th in Manila, the capital of the Philippines. As the situation in the Middle East worsens and the importance of energy security increases, countries agreed on a work plan to strengthen their oil reserves.

Financial cooperation of 1.6 trillion yen for crude oil procurement announced by Prime Minister Takaichi at AZEC summit meeting - strengthening energy and material supply networks

Based on the plan, we will consider building the infrastructure necessary for stockpiling and creating a mechanism for coordinated release in the event of an emergency. In addition, in collaboration with the Asian Development Bank (ADB) and other organizations, we have established a new framework for "transition finance" to support decarbonization.

In a video message to the meeting, Minister of Economy, Trade and Industry Ryomasa Akazawa pointed out that uncertainty surrounding energy supplies will continue. ``We must work together to strengthen the supply and demand system,'' he said.