G20 members regard access to energy as key factor in world economy development

The sustainable energy policy and stability of world commodity markets is the most important condition for the development of the world economy, says the Group of Twenty (G20) Leaders’ Declaration adopted at their summit. “Access to energy is a key factor to achieve better quality of life and to improve global economic performance. Access to reliable and affordable energy is particularly critical to the development agenda, poverty eradication and social inclusion. Transparent, well-functioning, reliable energy markets and sufficient investment are needed to boost economic growth, job creation and sustainable development.” In this connection the G20 leaders undertook to strengthen the Joint Organisations Data Initiative (JODI) - Oil by ensuring its “greater visibility, more complete and comprehensive data, enhanced access and improved availability, and by maintaining support for capacity building.” “We look forward to the launch of JODI-Gas at earliest date possible,” the document says. The G20 leaders welcomed “efforts aimed at promoting sustainable development, energy efficiency, inclusive green growth and clean energy technologies and energy security for the long term prosperity and well being of current and future generations in our countries.” They reaffirmed their “commitment to rationalise and phase out inefficient fossil fuel subsidies that encourage wasteful consumption over the medium term while being conscious of necessity to provide targeted support for the poorest.” “Recognising the importance of providing those in need with essential energy services, we ask Finance Ministers to consider, in conjunction with the relevant international institutions, policy options for designing transitional policies including strengthening social safety nets to ensure access for the most vulnerable,” the Declaration says. The G20 leaders acknowledge that “sizable investment, including from private sources, will be needed in the G20 and other economies in energy infrastructure in the years ahead to support global growth and development.” In this connection they believe that “It is our common interest to assess existing obstacles and identify opportunities to facilitate more investment into more smart and low-carbon energy infrastructure, particularly in clean and sustainable electricity infrastructure where feasible.” The document stresses that “regulation among other policy levers can play an important role in creating a proper context for investment.” “Noting that regulatory roles differ from country to country and that regulation remains a country-led process, but in some cases is shared within regional integration space, we welcome the dialogue between interested G20 national power sector regulators supported by regulatory associations and international organisations,” the Declaration says. “In the context of our efforts to promote investment in energy infrastructure, notably in clean, affordable and sustainable energy, and in order to engage all interested parties, we encourage interested regulators to continue their dialogue and ask the G20 Energy Sustainability Working Group (ESWG) to take note of this dialogue,” it says. The G20 leaders also “recognise the value of multilateral cooperation and coordination in advancing the global energy security agenda through resilient energy markets.”