G8 St Petersburg Global Energy Security: Plan of Action

Sectors : Energy, Investment
Organisation : G8
Date made: 
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Commitments in: Infrastructure - Energy

“II. Improving the Investment Climate in the Energy Sector

7. Ensuring an adequate global energy supply will require trillions of U.S. dollars in investment through the entire energy chain by 2030, a substantial share of which will be needed by developing countries. We will create and maintain the conditions to attract these funds into the energy sector through competitive, open, equitable and transparent markets.

8. We shall take measures both nationally and internationally to facilitate investments into a sustainable global energy value chain to:

further save energy through demand-side measures as well as introduce advanced energy-efficient technologies;

introduce cleaner, more efficient technologies and practices including carbon capture and storage;
promote wider use of renewable and alternative energy sources;

expand the hydrocarbon proven reserves in a way that would outpace their depletion and increase the recovery of energy resources;

increase the efficiency of oil and gas production, and develop resources on the continental shelf;

establish, expand and improve the efficiency of oil-refining, petrochemical and gas processing industries' capacity;

develop global LNG market;

establish or upgrade infrastructure for energy transport and storage;

develop efficient power generating facilities; and

expand and improve the efficiency, safety and reliability of electricity transmission facilities and power grids and their international connectivity including, where appropriate, in developing countries…

… 13. We will work to reduce barriers to energy investment and trade…”