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Hello!
Countries across Asia are uniting to support nations struggling with high costs due to soaring fuel and energy prices in the wake of the Iran war.
The Asian Development Bank said it was ready to deliver urgent help to countries in the Pacific region, which have been rattled by the conflict and resulting fuel shortages. Before we get into the ADB’s announcements, here are some top human rights stories that are on my radar: |
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ADB President Masatsugu Asakawa, left, shakes hands with Chinese Premier Li Qiang, right, at the Great Hall of the People in Beijing. Mark Schiefelbein/Pool via REUTERS |
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Thailand hit by Iran war energy crisis |
Speaking at the ADB's 59th annual meeting in Uzbekistan, ADB President Masato Kanda said Pacific region countries have been especially exposed to the conflict and required urgent help to address their energy needs.
The conflict has sent global oil prices well above $100 a barrel, sharpening the focus on Asia's reliance on energy supplies from the Gulf.
Reuters reporting shows around 80% of oil shipped through the Strait of Hormuz heads to Asian buyers.
Finance leaders of China, Japan, South Korea and the ASEAN group of 10 Southeast Asian states said they would pay attention to risks stemming from excessive volatility in financial markets and stand ready to act if needed.
ASEAN comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
Thailand is among the most exposed, with the Middle East supplying nearly half of its oil and gas, according to Krungsri Research.
Unlike many of its peers in the region, Thailand's exposure runs deeper than just fuel costs as over half of annual power output comes from gas, and liquefied natural gas (LNG) imports are accounting for an increasing share of generation. Click here for a Reuters deep-dive on how the Iran war’s affects Thailand’s economy.
Additionally, Vietnam has been bracing for oil shortages caused by the U.S.-Israeli war on Iran and subsequent export bans from energy suppliers. |
$70 billion programme to expand energy |
It’s no surprise that energy was on the top of the agenda at the ADB meeting.
The Bank announced a $70 billion programme to expand energy and digital infrastructure across the Asia-Pacific region by 2035, aiming to strengthen power grid links, boost cross-border electricity trade and increase broadband access.
ADB President Kanda said energy and digital connectivity would underpin the region's long-term growth as demand rises and technological change accelerates.
The plan includes $50 billion for a new Pan-Asia Power Grid Initiative (PAGI) and $20 billion for technology and digital connectivity projects, the bank said.
Under PAGI, ADB aims to integrate about 20 gigawatts of renewable energy across borders, build 22,000 circuit-kilometres of transmission lines and improve electricity access for 200 million people by 2035.
It also expects the initiative to cut regional power-sector emissions by around 15%. |
A drone view of Lomas Los Colorados landfill, one of the world's largest sources of climate-warming methane gas, about 60 km north of Santiago, Chile. REUTERS/Pablo Sanhueza |
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Chile landfill emissions: The Lomas Los Colorados landfill on the outskirts of Chile's capital of Santiago has topped a list of 50 human-made sites with the world's highest levels of methane emissions, according to data by the UN environment
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India May heatwave: India is experiencing more frequent heatwaves across its eastern coast, parts of the Himalayan foothills, and the western states of Maharashtra and Gujarat, said Mohapatra, director-general of the India Meteorological Department (IMD). Many parts of the southern peninsula, as well as some areas in the northeast and northwest, are expected to record above-average maximum temperatures, he said.
- Italy forest fire: Italian firefighters were battling to put out a large forest fire in Tuscany that has burned for days fanned by strong winds, forcing the evacuation of around 3,000 people over the weekend.
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Kenya’s deadly floods: At least 18 people have died across Kenya after heavy rains triggered flooding and landslides in several regions, according to its National Police Service. The East African country is experiencing heavy downpours, which have also damaged infrastructure and displaced many people, as its March to May rain season reaches its peak.
- Brazil’s fatal floods: Heavy rains that hit northeastern Brazil over the weekend have killed at least six people and displaced thousands in the states of Pernambuco and Paraiba, the federal government said.
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Participants sleep during the 2026 Power Nap contest at Han River park in Seoul, South Korea. REUTERS/Kim Soo-hyeon |
Today’s spotlight showcases a fun and community-driven event in South Korea’s capital, Seoul, to help get its overworked citizens some much needed rest.
The Seoul Metropolitan Government staged its third annual ‘power nap contest’, where hundreds of young Seoulites turned up at a park by the Han River at the invitation of the city government to try to get some sleep. The admission requirements for would-be participants: wear outfits befitting either a sleeping beauty or prince, come tired, come with a full belly.
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