G20 Extraordinary Energy Ministers
Meeting Statement
- Virtual Meeting, April 10,
2020 -
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.
Website: www.cpcml.ca
Email: office@cpcml.ca
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