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Energy Security Focus of G20 Energy Ministers Meeting

Riyadh, Saudi Arabia

Hosted by the G20 Presidency of Saudi Arabia dedicated to Realizing Opportunities of the 21st Century for All, the Secretary General of the International Forum (IEF), Joseph McMonigle joined Energy Ministers of G20 nations and invited countries, alongside Heads of International Organisations at the G20 Energy Ministers Meeting that convened virtually under the Chairmanship of HRH Prince Abdulaziz bin Salman bin Abdulaziz on 27 and 28 September 2020 to address the impacts of the COVID-19 pandemic and strengthen the global energy sector.

In their communiqué, G20 Ministers reaffirmed their commitment to ensure that the energy sector continues to make a full, effective contribution to overcoming COVID-19 and powering the subsequent global recovery. With the support of the IEF and other relevant international and regional organisations, G20 Ministers agreed among others to:

  • Acknowledge the Circular Carbon Economy as a holistic, integrated, inclusive, and pragmatic approach to managing emissions and pursue, on a voluntary basis, opportunities to further strengthen collaboration and partnerships.
  • Acknowledge the effects of reductions in investment and the loss of specialized skills and create the conditions for sustained investment, including innovation and human resources to support energy security and sustainability goals and an inclusive recovery.
  • Strengthen energy security and bolster market stability by collaborating on comprehensive transparent and broader geographical energy data coverage and enhance dialogue to mobilise public and private investment across energy sectors.
  • Recognise the establishment of the Energy Focus Group under the Saudi Presidency and the efforts made by its members to rebalance the energy markets and ensure their stability and security.
  • Invite the IEF in cooperation with the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC) under the umbrella of the Joint Organisations Data Initiative (JODI) and Trilateral Agreement to fill the gap in data transparency for more comprehensive energy data coverage and analysis.
  • Acknowledge the intention of interested members to continue addressing short-term issues in a stepwise approach in a format led by the IEF, providing updates to G20 Energy Ministers and the Energy Sustainability Working Group.

Building on the longstanding partnership among our seventy member countries, the IEF stands ready to take forward the vibrant dialogue and important work of the G20 Energy Ministers Meeting, Secretary General McMonigle noted in his keynote remarks to the virtual meeting.  

The mission of the IEF to strengthen global energy security, market transparency, and facilitate orderly transitions remains closely linked to the core objectives of the G20 to achieve global economic stability, sustainable and inclusive growth, and to modernise international governance systems. Dialogue and cooperation agendas on the IEF and G20 platforms rely on each other to reduce risks and prevent global economic and energy market crises.

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