7th IEF-IGU Ministerial Gas Forum

As part of the discussions, delegates deepened collective understanding of evolving energy policies and business strategies to accelerate a secure, sustainable, and inclusive recovery and shared prosperity. As the COVID-19 pandemic has resulted in the largest recorded demand shock in the history of natural gas markets, the sessions provided governments and industry leaders direction on proactive steps to ensure market stability and facilitate a swift and sustainable recovery through dialogue on the neutral IEF platform in partnership with the IGU and gas market stakeholders.

Major Asian growth economies and the global gas industry are well-positioned to help facilitate a sustainable economic recovery. As emission reductions in developed economies demonstrate, gas technologies accelerate fuel-switching and deeper penetration of renewables. This will enable affordable and resilient energy systems integration coupled with hydrogen technologies that are essential for sustainable growth. Ultimately, natural gas continues to contribute to emission reductions and affordable access in the OECD region and remains the transition fuel of choice in non-OECD growth economies where reducing greenhouse gas emissions from coal is essential.

There was also agreement that a more sustainable and secure future requires greater solidarity, and holistic solutions to energy and climate policy challenges. To safeguard robust and predictable trade and investment conditions across densely interconnected regional markets and jurisdictions, delegates noted that there is an urgent need to deepen understanding of evolving policy and market signals to stimulate gas sector trade and investment.

The International Energy Forum (IEF) and the International Gas Union (IGU) set up this important dialogue platform in close collaboration with the Economic Planning Unit of Malaysia. Dialogue in both sessions were held under the Chatham House Rule and help IEF member governments, IGU natural gas business leaders, and policy makers around the world to unite behind a clear vision on what is needed to stimulate inclusive growth and create a sustainable energy future.