Saturday, April 11, 2020 /03:44
AM / by G20 / Header Image Credit: Forbes
We, the G20 Energy Ministers, are profoundly saddened
by the human tragedy caused by the COVID-19 pandemic. We convene today against
this backdrop of a crisis that, in addition to its direct health and economic
and social impacts, has also contributed to the destabilization of global oil
and gas markets and compromises energy security for many nations.
The impacts on the energy markets, in turn, further
deepen the global economic crisis and hinder sustainable development. We agree
that ensuring energy market stability and ensuring affordable and secure energy
are key in addressing the health, well-being and resilience of all countries
throughout the crisis response and recovery phases.
Building on our Leaders' commitment at their Summit on
March 26, "to use all available policy tools to... maintain market stability," we
commit to ensure that the energy sector continues to make a full, effective
contribution to overcoming COVID-19 and powering the subsequent global
recovery.
We commit to work together in the spirit of solidarity
on immediate, concrete actions to address these issues in a time of
unprecedented international emergency.
Energy Market Stability
We recognize the vital role that well-functioning,
stable, open, transparent and competitive energy markets play in bolstering
economic activity and growth. The significant economic contraction and
uncertain outlook due to the pandemic have exacerbated energy supply and demand
imbalances, increasing energy market instability, directly impacting the oil and
gas sector and spilling over into other industries, further hampering the
global economic recovery. This market instability, adds to the heavy toll on
jobs, businesses, and people.
To underpin global economic recovery and to safeguard
our energy markets, we commit to work together to develop collaborative policy
responses, that will ensure market stability across all energy sources taking
into account each country's circumstances. To address these challenges, we
commit to take all the necessary and immediate measures to ensure energy market
stability.
We recognize the commitment of some producers to
stabilize energy markets. We acknowledge the importance of international
cooperation in ensuring the resilience of energy systems.
Energy Security
We recognize that energy security is a key enabler for
economic activity, an essential element of energy access, and a cornerstone of
energy market stability. The pandemic has introduced unprecedented challenges
and reminds us of the importance of a stable, affordable, sustainable, and
uninterrupted supply of energy to meet demand, especially for essential
services, such as healthcare, which is crucial to ensure that the global
community can overcome this crisis, especially in developing and least
developed countries.
We commit to take all the necessary measures to ensure
the balance of interests between producers and consumers, the security of our
energy systems and the uninterrupted flow of energy. In doing so, we are
particularly aware of the need to ensure that health and other sectors that are
leading the fight against COVID-19 have the energy supplies that they need.
We will continue to work closely with actors across
the sector to make our energy systems more adaptive and resilient in responding
to future emergencies.
We establish a short-term Focus Group, with the task
of monitoring the response measures. The Focus Group is open for all G20
parties, on voluntary basis, and will regularly report its assessment during
the Saudi G20 Presidency, in collaboration with relevant international
organizations, to G20 Energy Ministers.
We will continue our close cooperation and review both
our response to the COVID-19 pandemic and our broader G20 energy
agenda-transition towards cleaner and sustainable energy systems-at our
scheduled meeting in September, while standing ready to reconvene sooner if
necessary.
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