March 16, 2006
G-8 Energy Ministerial
Fact Sheet
Overview
The G8 Energy Ministerial in Moscow, Russia, is a prelude to the July G8 Summit which will focus on three main themes: global energy security, combating infectious diseases, and the development of education. During the G-8 Energy Ministerial, the U.S. will promote a market-oriented investment approach to energy security, discuss strategies to mitigate energy supply disruptions, and advance the development and deployment of alternative and advanced clean energy sources and technologies including renewable energy and emissions free nuclear power.
Encouraging a Market-Oriented Approach to Energy Security
The U.S. believes that partner countries should adopt a market-oriented approach that encourages investment, competition, and market-based pricing. The fundamentals of this approach include transparency, respect for the sanctity of contracts and predictable and efficient tax and regulatory structures that allow for a stable and reliable investment environment. A market-based approach could increase global energy security by encouraging investment in energy supplies and energy diversification.
Developing Strategies to Mitigate Energy Supply Disruptions
In order to mitigate the impact of energy supply disruptions, the U.S. encourages partner countries to plan and coordinate responses to supply interruptions through the use of emergency fuel stocks, by strengthening the physical security of infrastructure, and diversifying global energy transit routes and energy supplies. In addition, all countries should help stabilize markets in the event of a disruption by promoting the transparent and timely availability of data via the Joint Oil Data Initiative.
Advancing Alternative and Advanced Energy Sources and Technology
Our international partners should join the U.S. in the development and deployment of clean and efficient energy sources and technologies to ensure long-term energy security and sustainable growth. We must build on the success of international initiatives including Methane-to-Markets Partnership, International Partnership for the Hydrogen Economy, Carbon Sequestration Leadership Forum, Asia-Pacific Partnership on Clean Development and Climate, FutureGen, and the Global Nuclear Energy Partnership. Nuclear energy technology is an important opportunity in many countries and we must continue to work together to promote optimal safety, waste disposal and international cooperation on nuclear safety.
Increasing Energy Efficiency
Energy efficiency improvements are often the least expensive means of increasing energy security and enhancing competitiveness while decreasing environmental impact. The U.S. and our international partners should facilitate energy efficiency and conservation by advancing the 2005 G8 Gleneagles agenda and encourage support of research and development leading to advanced energy efficient technologies including renewable energy, clean coal, and nuclear power.
Media
contact(s):
Craig Stevens, 202/586-4940
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