Brunei Darussalam is one of the richest nation in the world per capita. Hence, in ensuring that the nation’s economy will remain strong, several strategies are being implemented by the Brunei Government to sustain economic stability. In order to see if Brunei Darussalam can diversify its economy and ensure economic prosperity in the future, studies on the footsteps of another small yet rich state, Abu Dhabi could be carried out. Both Brunei Darussalam and Abu Dhabi have obtained their massive wealth from the exports of oil and gas and are currently investing their wealth in alternative sources of energy to ensure economic stability. For the purpose of analysis, this essay will further discuss Brunei Darussalam’s economic insecurity, along …show more content…
With the Brunei vision 2035, Brunei should exploit more on the readily available solar energy as it will offer many benefits such as energy diversity, job opportunities and reduced consumption of fossil fuels (Aziz Idris, 2011). Abu Dhabi’s active approaches on solar photovoltaic systems should be followed by Brunei as it have already produced promising results and now many buildings have begun installing solar panels on their roofs (Todorova, 2014). While awareness campaigns are important, Brunei Darussalam should start acting aggressively to promote solar power as there are no more trials and errors as Abu Dhabi has already shown how efficient and clean energy solar power is (Binsal Abdul Khadeer, 2014). Although the traditional method of generating electricity is cheap, Brunei government should show the public how much solar energy could be more financially beneficial. The government should increase the electricity bills generated by fossil fuels and houses in Brunei Darussalam should be encouraged to install solar panels on their rooftops. It is difficult for solar energy to replace oil and gas as the main method for producing electricity, however given time, if the government started to take active action and people welcomes the idea well and adapt quickly on solar energy, there could be a drop in dependency on non-renewable sources of energy. This will ensure that Brunei Darussalam’s remaining oil and gas reserve be used for other functions such as the production of plastics, chemicals and fertilisers as well as fuel for vehicles which would bring an increase to Brunei Darussalam’s economy. The government of Brunei should encourage the use of energy savings items. But, currently there are restrictions that hinder individuals to opt for renewable
One of the most interesting indigenous groups in the world is the Batek of Malaysia, this is a group of people that live in the oldest rain forest of peninsular Malaysia. Orang ASli means “Original people” in the native Malay Language, and they truly are the original people of the land. Being a nomadic group of hunters and gatherers, means that they are at the mercy of the land and the elements for survival. Batek beliefs note that, the rainforest was created by “superhuman” beings for the Batek to use and will destroy the world and everything on it if the Batek were ever to leave the rainforest ( K.M. Endcott 1979a; Lye 2004). The Batek believe that the “superhuman” beings created the forest for the Batek to harvest, build houses in, and provide also to decorations for their ceremonial rituals.
America is dependent on other nations for their ability to create energy. The United States is the world’s largest consumer of oil at 18.49 million barrels of oil per day. And it will continue to be that way for the foreseeable future considering the next largest customer of oil only consumes about 60% of what the U.S. does. This makes the U.S. vulnerable to any instability that may arise in the energy industry. In 2011, the world’s top three oil companies were Saudi Aramco (12%), National Iranian Oil Company (5%), and China National Petroleum Corp (4%). The risk associated with these countries being the top oil producers is twofold. One, they are located half way around the world making it an expensive to transport the product logistically to a desired destination. And two, the U.S. has weak, if not contentious,...
2012 “Has oil wealth been a blessing or a curse for the Middle East?”. Akerue.net. Ben West. Web. 27
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Oil-Led Development: Social, Political, and Economic Consequences. CDDRL Working Paper 80. Robinson, J. A., Torvik, R. & Verdier, T. (2006). Political Foundations of the Resource Curse. Journal of Development Economics, 79, 447-468.
Though this statement is supported by the International Energy Agency (IEA), an authoritative international institution that making his statement much credible, we should realise that there is an underlying assumption for this premise to be true, that is, the current policies are unchanged. Since we are not sure whether the current policies would continue or not, this premise is not necessarily true. On the contrary, according to another report by IEA, solar electricity is estimated to cover 25% of the world’s total electricity needs by 2050, taking up the largest portion of all sources of electricity (IEA,
The future of the United States solar energy industry will be shaped not only by economic growth, but also by the rate of declining oil resources and the global realization of the consequences of human induced climate change. Political responses to this realization in the United States include; new policies, legislature, and tax incentives to both businesses and private households to promote growth and investment in the solar power industry.
After analyzing the situation, there is a need for the company to invest in the local industry. The best idea is to invest in power generation. The strategy is to involve the company in power generation by scaling up the existing electricity production. Availability of the cheap power will not only support the current local businesses, but will also attract international investors. Also, the huge population of the country will ensure that the power generated is gets ready market. Additionally, the company deals with refining of oil destined for the international company. The gas produced in the refining process can be used to generate electricity rather than just selling the
Preview: Today I will discuss the potential that solar power has to become this country’s main supply of energy and the latest research that can make solar power more efficient and cost effective. I will also present the environmental benefits that come with using solar power over other and more harmful forms of energy.
The measure of petroleum abundance and production in Nigeria is measured by the United States. According to the statistical data and the U.S. measures, Nigeria reserves make the country the tenth petroleum-richest nation, and by far, one of the most affluent countries in Africa. In the middle of 2001 its crude oil production was averaging around 2.2 million barrels per day. Though, there is a very prominent market for offshore rigs, nearly all of Nigeria’s primary reserves are in and around the delta of the Niger river. Ever since Nigeria became independent, it is one of the few oil producing countries that can increase its oil output drastically. The g...
China’s growth has transformed energy markets in the world since it is the major exporter of oil and coal. China’s quickly increasing need for energy leads to major geopolitical implications. As a country with abundant natural gas producing regions, China has proved to be one of the world’s top oil and gas purchasers. In 2008, most national companies have increased their international gas and oil assets due to a substantial need for oil and gas security.
According to a World Bank Study in 2006, Bangladesh lost around $1 billion due to load-shedding and unreliable power supply systems (Hossain 1646). The Bangladesh Government has plans to eliminate power shortages by 2020. Thus, in order to achieve the goal, the government would require a transition towards more promotion, dissemination and commercialization of renewable energy. Furthermore, all barriers, including- technology and skills, financial, policy and institutional need to be addressed. To conclude, an integrated energy planning approach, along with consistent policies regarding technological, economic and social issues are the pre-requisites for long term sustainable development of renewable energy for power generation
The government can also ensure that they invest in education which will provide people with the necessary knowledge in how to conserve. Also invest in housing, where a subsidiary will be given for acquiring a solar panel. Policies must be changed for the following ideas to happen. It is only for the benefit of the country to have a sustainable energy plan in place. If government have stringent environmental laws it will force businesses to ensure they are in line in terms of regulation or they will face heavy penalties. Ideally, government should also have an incentive scheme that will encourage businesses to not only meet but to surpass what is expected of
The selected key concept of the week is OPEC: the Organization of the Petroleum Exporting Countries was formed on September 14, 1960 in Baghdad, Iraq and registered with the United Nations Secretariat on November 6, 1962 ( Organization of the Petroleum Exporting Countries, 2013). OPEC defines themselves as “a permanent intergovernmental organization, currently consisting of 12 oil producing and exporting countries, spread across three continents America, Asia and Africa ( Organization of the Petroleum Exporting Countries, 2013, p. 1). I am specifically interested in exploring the influence of OPEC on global trade and economies.
Regarding solar power, Mistry claims that although the solar power does not generate pollution, it has a lot of costs. Building solar panels with photovoltaic equipment has high costs. For instance, a photovoltaic system for a home can cost around $35,000 (Kumar, 2012). However, if our goal for the future is to create a healthy environment, switching fossil fuels for solar power might be the best choice to achieve that goal. According to Kumar (2012), Solar power is a clean and renewable energy so, it decreases the dependency on fossil fuel and also reduces the air pollution.