G8 St Petersburg Global Energy Security: Plan of Action

Sectors : Energy, Investment, Climate change - general, Environmental degradation and natural resource management
Organisation : G8
Date made: 
2006

Commitments in: Infrastructure - Energy

“…6. We, the Leaders of the G8, commit to:

- strong global economic growth, effective market access, and investment in all stages of the energy supply chain;

- open, transparent, efficient and competitive markets for energy production, supply, use, transmission and transit services as a key to global energy security;

- transparent, equitable, stable and effective legal and regulatory frameworks, including the obligation to uphold contracts, to generate sufficient, sustainable international investments upstream and downstream;

- enhanced dialogue on relevant stakeholders' perspectives on growing interdependence, security of supply and demand issues;

- diversification of energy supply and demand, energy sources, geographical and sectoral markets, transportation routes and means of transport;

- promotion of energy saving and energy efficiency measures through initiatives on both national and international levels;

- environmentally sound development and use of energy, and deployment and transfer of clean energy technologies which help to tackle climate change;

- promotion of transparency and good governance in the energy sector to discourage corruption;

- cooperative energy emergency response, including coordinated planning of strategic stocks;

- safeguarding critical energy infrastructure; and addressing the energy challenges for the poorest populations in developing countries.

7. Based on the above objectives, principles and approaches, we will implement our common global energy security strategy through the following Plan of Action…”

Scope: 
International

St. Petersburg Plan of Action Global Energy Security

“ 1. We reaffirm our commitment to implement and build upon the agreements related to energy reached at previous G8 summits. We will enhance global energy security through actions in the following key areas:

increasing transparency, predictability and stability of global energy markets;

improving the investment climate in the energy sector;

enhancing energy efficiency and energy saving;

diversifying energy mix;

ensuring physical security of critical energy infrastructure;

reducing energy poverty;

addressing climate change and sustainable development.”

Scope: 
International

“I. Increasing Transparency, Predictability and Stability of Global Energy Markets…

… 4. As a critical tool in the fight against corruption, we will also take forward efforts to make management of public revenues from energy exports more transparent, including in the context of the Extractive Industries Transparency Initiative (EITI) and the IMF Guide on Resource Revenue Transparency (GRRT) …”

Scope: 
International

“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…”

Scope: 
International

“IV. Diversifying Energy Mix

23. Diversification of the energy mix reduces global energy security risks. We will work to develop low-carbon and alternative energy, to make wider use of renewables and to develop and introduce innovative technologies throughout the entire energy sector…

… 26. We support the transition to the Hydrogen Economy, including in the framework of the International Partnership for the Hydrogen Economy (IPHE). A critical part of this effort is to develop common international standards in the field of commercial development of hydrogen power, infrastructure and security requirements.

…38. Therefore we will work with the private sector to accelerate utilization of innovative technologies that advance more efficient hydrocarbon production and reduce the environmental impact of its production and use…”

Scope: 
International

“V. Securing Critical Energy Infrastructure

41. The security of the world's energy infrastructure is connected and mutually dependent. Given the global nature of the energy infrastructure, we recognize that no country can insulate itself from danger elsewhere. Hence, we are committed to ensuring the security of the global energy network, and will work to gain a better understanding of its vulnerabilities and ways to improve our efforts to prevent disruptions by deliberate attack. We support a coordinated, international process to assess risks to energy infrastructures, and a more effective means of sharing energy infrastructure security best practices and expertise.

42. We commit ourselves to address threats and vulnerabilities to critical energy infrastructures, and to promote international cooperation in this regard.”

Scope: 
International

“VI. Reducing Energy Poverty

44. We confirm our commitment to the UN Millennium Development Goals, including through facilitating a better access to energy… We will help vulnerable countries overcome the macroeconomic shocks related to energy prices, and the longer term challenge of facilitating access to energy for the poorest populations...

… 48. To improve access to reliable, modern, and sustainable energy services to the populations of energy poor developing countries, we will enhance existing bilateral and multilateral development mechanisms…

… 49. We will facilitate development of local energy resources, including those based on core generation technologies and on renewable energy, such as hydropower, wind power, geothermal power, biomass, and the effective use of solar energy, to contribute to poverty reduction and long-term energy sustainability in developing countries.”

Scope: 
International

Commitments in: Climate Change - Climate change - general

“33. A large-scale use of renewable energy will make a significant contribution to long-term energy supply without adverse impact on climate… Therefore, we reaffirm our commitment to implement measures set out in the Gleneagles Plan of Action…

… VII. Addressing Climate Change and Sustainable Development

53. We reaffirm our intention to deliver on commitments made in Gleneagles in order to meet our shared and multiple objectives of reducing greenhouse gas emissions, improving the global environment, enhancing energy security and cutting air pollution in conjunction with our vigorous efforts to reduce poverty…We will continue to work to reduce greenhouse gas and deal effectively with the challenge of climate change.

We will continue to work to reduce greenhouse gas and deal effectively with the challenge of climate change.”

Scope: 
International

Commitments in: Environment - Environmental degradation and natural resource management

“36. We shall promote international cooperation in the area of forest management, primarily in addressing deforestation and forest degradation, the trade in illegally harvested timber and forest fires… We reaffirm the importance of tackling illegal logging and agree to take further action, with each country taking steps where it can contribute most effectively…”

Scope: 
International