At the Asia Zero Emission Community Plus Summit, Bangladesh urged urgent global support as worsening energy shocks strain fuel supplies, disrupt the economy and threaten hard-won development gains.
Bangladesh Prime Minister Tarique Rahman on Wednesday sought $2 billion in urgent financial support from development partners to help the country meet its immediate energy needs and protect economic stability amid ongoing global supply disruptions and price volatility.
Speaking at the Asia Zero Emission Community Plus Online Summit, he said the current situation demands urgency, solidarity and decisive action, urging the international community to prioritise support for vulnerable countries.
The summit underscored growing regional urgency to address energy insecurity, balancing economic growth and decarbonisation, with leaders warning that delays could deepen economic risks across Asia, particularly for vulnerable economies.
“The situation before us demands urgency, solidarity and decisive action. Immediate support for the most vulnerable countries must be at the top of our collective agenda,” he said, calling for a swift and positive global response.
Highlighting the widespread impacts of the global energy crisis, the prime minister warned that no country can tackle the challenge alone. He called for a coordinated and forward-looking Asian response to strengthen regional energy security and manage supply disruptions.
He said the crisis has already disrupted Bangladesh’s economy, prompting a series of short-term government measures. These include reduced government office and market hours, emergency fuel imports, diversification of energy sources and consumption controls to prevent hoarding through digital monitoring tools such as the “Fuel App”.
Rahman expressed concern that the current crisis could surpass the scale of the 1970s oil shock, which led to prolonged economic stagnation in many developing countries.
“Bangladesh has made steady progress since independence in 1971, lifting millions out of poverty. Today, those hard-earned gains face a real threat of reversal,” he said.
He stressed that Bangladesh is not alone in facing these risks and reiterated the need for collective global action, particularly to protect least developed countries from severe economic and social consequences.
The summit was convened by Japanese Prime Minister Sanae Takaichi, who highlighted the vulnerability of Asian economies to disruptions in critical energy supply routes, including the Strait of Hormuz.
During the meeting, Takaichi announced the launch of a new regional initiative, “Partnership on Wide Energy and Resources Resilience (POWERR Asia)”, aimed at strengthening both immediate response mechanisms and long-term energy resilience across Asia.
The initiative includes approximately $10 billion in financial support to stabilise fuel supply, build regional reserves, maintain supply chains and diversify energy sources, including alternatives such as biofuels.
Leaders from across Asia, including Anwar Ibrahim, Ferdinand R. Marcos Jr. and Lawrence Wong, welcomed the initiative and reaffirmed their commitment to closer regional cooperation.
Participants also noted that such efforts would strengthen the goals of the Asia Zero Emission Community, which seeks to balance energy security, economic growth and decarbonisation.
