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Energy security priority for G20

Staff writer |
Leaders of the world's most powerful economies agreed that energy security must become a G20 priority, noting that stability in the markets was "critical" to their growth.

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The long-term stability of oil markets is seen as crucial to ensuring the success of reforms promised by the G20, so that it can meet its aim of lifting its combined economic growth by 2.1 percent over the next five years.

A summit in Brisbane had a session dedicated to global energy issues for the first time, with G20 members representing more than 80 percent of the world's energy consumption, 60 percent of oil and gas production and over 90 percent of coal output.

"Increased collaboration on energy is a priority," they said in a summit declaration.

"Global energy markets are undergoing significant transformation. Strong and resilient energy markets are critical to economic growth."

They asked energy ministers to meet and report back in 2015 on options that could feed discussions on reform of the international energy system.

A report in The Australian newspaper said there could ultimately be a new agency to protect against oil and gas supplies being exploited as foreign policy weapons, while giving a greater voice to rising economies. f approved, the report said the agency would lay down principles of governance for all participants in energy markets and would sit above both the OPEC cartel and the International Energy Agency (IEA).

Leaders of the G20 nations have agreed on a number of measures to shore their economies and make them grow 2.1 percent in the coming five years. They would launch an initiative to build a joint global economic infrastructure, noting that the International Monetary Fund and the Organization of Security and Cooperation in Europe (OSCE) would follow up on measures to realise this objective.

At the climatic level, they concurred on the necessity for robust action to limit gases' emissions and pollution of the environment.

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