Exporting Countries Forum (GECF) secretary general Yury Sentyurin
participated in the virtual G20 Energy Ministerial Meeting and
“reaffirmed its commitment to greater international co-operation in
ensuring the resilience of energy systems and affordable and secure
energy for all.”
The two-day deliberations acknowledged the unprecedented impact that the Covid-19 pandemic has had on energy markets and paved the ways for the sector’s recovery efforts. The meeting assumed vital importance against the backdrop of a global pandemic and was devoted to the energy market stability amidst low oil and gas prices and lacklustre demand.
The final communique crystallised the resolve of the G20 countries to utilise the widest variety of technologies and fuels to ensure a stable and uninterrupted supply of energy for economic growth. As per decision of the G20 members, the GECF has become a part of the dialogue and was directly referred to in the final Communique.
It noted that in order to enhance energy security, “The role of open, flexible, transparent, competitive, stable and reliable energy markets, as well as stable, predictable, necessary, fair, and non-discriminatory, regulatory frameworks in promoting market stability and investments”.
On this note, the GECF, alongside IEA, IEF, IRENA, Opec, among others, was invited to further consider this matter in their respective work programmes. In the context of circular economy for cleaner and more sustainable energy systems, the communique highlights the crucial role of the GECF and other relevant international organisations in promoting public and private investments, innovative public as well as private financing, policy enablers, and cross-sector collaborations.
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