Chairman of Chulalongkorn University Council Delivers Keynote at the “Boao Forum for Asia Perth Conference”
Professor Dr. Surakiart Sathirathai, Chairman of the Chulalongkorn University Council, participated in the international Boao Forum for Asia Perth Conference, jointly organized by the Boao Forum for Asia and Fortescue on July 27, 2026, at the Ritz-Carlton Hotel in Perth, Australia. On this occasion, he delivered a keynote address titled “Energy Transition and New Opportunities for Green Industries in the Context of the Middle East Crisis.”
Address at the Boao Forum for Asia Perth Conference
Professor Dr. Surakiart Sathirathai discussed the ongoing conflict in the Middle East and its implications for the global community, particularly Asia. He emphasized that the current situation highlights the urgent need for countries to adopt sustainable strategies in response to an increasingly fragile and uncertain geopolitical environment.
As geopolitical tensions threaten energy supplies, global supply chains, and key transportation routes, particularly the Strait of Hormuz and the Red Sea, Thailand is facing the risk of renewed increases in global oil prices. Declining strategic oil reserves and disruptions to maritime shipping could further increase transportation costs and tighten global energy supplies.
These impacts extend beyond the energy sector. Rising energy costs also affect the cost of living, consumer goods prices, transportation and logistics expenses, and shortages of packaging materials and fertilizers. Low- and middle-income households are especially vulnerable. Meanwhile, fiscal constraints, monetary policy limitations, and reduced government revenues mean that relying solely on financial relief measures is unlikely to provide a sustainable long-term solution.
Should oil prices continue to rise, Thailand could once again experience a “three-wave” economic impact:
- A surge in oil prices,
- Rising inflation driven by higher energy costs, and
- Weakened purchasing power among households and businesses, leading to reduced consumption and investment.
Government measures such as the Oil Fuel Fund can help cushion the short-term impact on consumers. However, continuously subsidizing fuel prices or reducing fuel taxes is not a sustainable strategy, as it could undermine fiscal discipline and economic stability. Assistance for low-income households should therefore be targeted and income-based, although such measures remain constrained by budgetary and time limitations.
A more sustainable solution lies in accelerating Thailand’s energy transition by expanding the adoption of renewable energy, solar power, and electric vehicles. This would reduce long-term energy costs, lessen dependence on imported fossil fuels, strengthen national energy security, and improve resilience against future oil price volatility.
Thailand and other countries in the region should also strengthen green economy supply chains to attract greater foreign direct investment. This can be achieved by integrating investments in advanced electronics, sensor technologies, and high-tech manufacturing with clean energy industries. Such efforts would upgrade the industrial base, support the transition to a low-carbon economy, and enhance long-term competitiveness.
Professor Dr. Surakiart stressed the fact that successful energy transition requires appropriate legislation and regulatory frameworks, as well as the integration of development and security policies. Current global challenges demonstrate that development and security can no longer be treated as separate issues. Around the world, governments are increasingly prioritizing reliable access to energy, food, healthcare, and other essential resources—even at higher costs—because ensuring resource availability is ultimately preferable to facing shortages.
He concluded by reminding his audience that no country can achieve a rapid and effective transition to a green economy and clean energy on its own. International cooperation, close collaboration between governments, businesses, academia, and other stakeholders, together with the sharing of best practices across and beyond the region, will be essential. He called for serious consideration of establishing a new regional architecture for green energy and green transition, enabling countries to better withstand prolonged crises, strengthen energy security, improve cost efficiency, and ensure a more sustainable energy future for humanity.
