Deepening Regional Energy Co-operation and Enhancing Regional Energy Security and Climate Prosperity in South Asia (2024)
(to be adopted at the Launch of the RPF)
The General Assembly,
Acknowledging that the South Asian region has multi-level developmental, resource, and climate /environmental challenges. Despite the economic differences amongst the countries in the region, there is a shared political commitment to mitigate these challenges.
Acknowledging explicitly that climate change, in particular, poses a grave threat to the region jeopardising all progress witnessed until now and can adversely impact the regional efforts to accelerate clean energy transition. There is a need to jointly address the concerns urgently and utilize regional energy resources in a sustainable manner to mitigate and adapt to the changing climate.
Appreciating that the BBINS (Bangladesh, Bhutan, India, Nepal, and Sri Lanka) countries also share complementary geographical energy resources that, when exploited sustainably, as studies have shown, can deliver multiple socio-economic and climate benefits to the region.
Convinced that deepening regional energy cooperation within South Asia including through cross-border electricity trade and a regional energy/electricity power market can bring long-term benefits to all the countries involved through improved energy security, affordability, reliability, and sustainability. Subsequent grid interconnection with neighbouring regions such as ASEAN could further accrue dividends and benefits for South Asia.
Appreciating that the BBINS countries have a stable political relationship that can be leveraged to enhance economic, technical, and commercial cultural cooperation to fulfil the above commitment.
Convinced that long-term energy planning, enhanced cross-border grid infrastructure, synchronisation of grid operations and harmonisation of policies and regulations, deepening of power markets, sharing of good practices and learning, facilitation of clean energy trade and supply chain development are going to be the key tenets of this energy co-operation.
Acknowledging that there is a need to institutionalize the process of regional energy cooperation and cross-border electricity trade by establishing or strengthening regional institutional mechanisms among energy system regulators, policymakers, planners, and system operation entities as validated by several studies as well as various international experiences and best practices.
Acknowledging that while there have been advancements made by the BBINS countries through bilateral and trilateral power agreements in the near future, there is a need to accelerate this pace urgently through a more multilateral and regional approach. This will need focused coordination, continuous dialogue, and an in-depth understanding of the cooperation among the countries.
Invites the members to:
