Analysis Of Brunei Darussalam

1196 Words5 Pages
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…
Brunei Darussalam’s economic affluence is insecure for two main reasons. Firstly due to Brunei Darussalam’s declining export of oil and gas, its main source of income since the discovery of oil and gas fields in Seria back in 1920s. A recent report by the Department of Economic Planning and Development (2014) has shown that major exports including crude oil and liquefied natural gas has decreased significantly by 41.1% and 21.3% respectively. The Asian Development Bank (2013) has also predicted this decline as they have stated that the average annual export of oil will decrease by 3.5 million tonnes in 2035 from 7.7 million tonnes in 2010. In accordance with the fall, numerous efforts have been made to counter Brunei’s crisis of its depleting resource. One notable effort is when several groups such as Brunei National Energy…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

More about Analysis Of Brunei Darussalam

Open Document