The energy ministers of the G20 countries adopted the proposal submitted by the Kingdom by adopting the circular carbon economy platform and approach.
The final statement of the meeting of energy ministers, which was held remotely on September 27-28, of which Al Eqtisadiah obtained a copy, stressed the importance of adopting the circular carbon economy approach, which is that it is a comprehensive, integrated, inclusive and realistic approach that works to control emissions, and can be applied in a manner It reflects the priorities of each country and its specific circumstances.
Last Wednesday, Prince Abdulaziz bin Salman, Minister of Energy, revealed the Kingdom’s progress with the G20 circular economy proposal.
The energy ministers of the G20 agreed on the actions of producers and consumers to work to stabilize energy markets, stressing their commitment to ensuring that the energy sector continues to make a full and effective contribution to overcome Covid-19.
The energy ministers stressed the importance of stimulus packages to boost comprehensive economic activities, and said they would continue to cooperate to create conditions for sustainable capital investment, including boosting investments in innovation and skilled labor.
The final statement of the energy ministers included that the current crisis, along with its direct health, economic and social repercussions, contributed to destabilizing global energy markets, in addition to the tremendous effects of the pandemic on the peoples and societies most vulnerable to it, which underscore the need to be certain that the efforts made to revive the sector Energy leaves no one behind.
The ministers commended the formation of the short-term voluntary group focusing on energy affairs, and the efforts made to enhance the stability and security of energy markets, during the current presidency of the group, stressing the importance of international cooperation to ensure the ability of energy systems, which benefit everyone, to return to their rightful state. .
They valued the commitments and measures taken by producers, and what producers and consumers have done to restore stability in energy markets, affirming their commitment, which was made at the extraordinary meeting of energy ministers in the G20 on April 10, 2020, in order to “ensure that the energy sector continues to make a full and effective contribution to control efforts.” On the Covid-19 pandemic and support the global recovery thereafter. “
In this regard, they drew attention to the importance of stimulus packages in encouraging inclusive economic activities, adding, “We confirm that the current challenges caused by the pandemic have not discouraged us from strengthening our efforts, by studying a variety of options, and making use of the wider range of technologies and fuels. According to every national context, with the aim of ensuring a stable and uninterrupted supply of energy, in order to achieve economic growth. “
They reaffirmed the commitments made by the leaders of the G20 countries at the 2019 Osaka Summit, recognizing the importance of pioneering energy transformations aimed at achieving the four goals, energy security, economic efficiency, environment and safety. They also noted the repeated affirmation of commitments made in Buenos Aires, regarding the full implementation of the Paris Agreement, by the countries that chose to implement it in Buenos Aires.
The statement explained that, through the wide range of pathways and options available in the circular carbon economy approach, it takes into account different national conditions, while continuing to strive to achieve the world’s common aspirations.
The approval of the G20 energy ministers, based on what had been done during previous presidency, included the four elements of the circular carbon economy framework, namely reduction, reuse, recycling, and elimination.
As well as the adoption of “Annex I” of the approach, and recognition of the central importance of reducing greenhouse gas emissions, taking into account the efficiency of the system and the circumstances of each country, including its specific wealth of resources, political, economic, environmental and social contexts in it, and development conditions based on the study of risks.
The statement indicated that the reduction is to reduce greenhouse gas emissions by using various technologies and innovations, such as renewable energy and nuclear energy, improving energy productivity and efficiency, and better managing energy supply and consumption.
He added, “While realizing the vital role that energy efficiency plays an important role in reducing overall energy demand, while avoiding its waste and increasing its productivity.”
He noted the achievements made by the cooperation between the G20 in the field of energy efficiency, stressing that it will encourage future international cooperation to take full advantage of the potential of energy efficiency.
He indicated that renewable energy sources, such as wind energy, solar energy, hydropower, geothermal energy, marine energy, organic energy, and organic fuels, are important elements for providing clean energy systems, and that nuclear energy plays an important role in providing clean energy for those who choose to use it. As well as in enhancing energy security.
With regard to reuse, the demand was made to convert emissions into useful industrial feeds, by activating methods of carbon capture and use, including methods of converting emissions into valuable products, or carbon recycling.
They noted the great potential of carbon capture technology and its use as an advanced and cleaner technology that can help mitigate the effects of emissions by capturing and reusing it.
The fourth component, which is recycling, will be concerned with neutralizing the damages of carbon emissions through natural processes and the process of decomposition, including the use of renewable energy sources such as organic fuels, organic energy, and energy transport media such as methanol, ammonia and urea, in a way that represents the natural cycle and recycling.
Meanwhile, emissions from the atmosphere, as well as from heavy industries and installations, will be removed using “natural and geological methods” carbon capture and storage and direct capture of carbon from the air.
The energy ministers appreciated the “twenty” work led by the King Abdullah Center for Petroleum Studies and Research, and the valuable contributions made by various international organizations, such as the International Energy Agency, the International Renewable Energy Agency, the International Atomic Energy Agency, the Organization for Economic Cooperation and Development, and the World Carbon Capture Institute. And its storage “, which illustrated the many opportunities presented by the circular carbon economy approach and its four components, as indicated in the” Circular Carbon Economy Handbook “that can be considered according to national circumstances.
They stressed the importance of accelerating efforts to develop and deploy innovative, scalable and efficient technologies aimed at providing energy for all. They stated that, based on the progress and experience of the members, the voluntary accelerated program for the circular carbon economy approach represents a comprehensive mechanism to promote and seize the opportunities associated with the four steps included in this approach. Emphasizing that the G20 countries recognize the potential of hydrogen as a medium for clean energy, and a common element among the four elements, and work to strengthen international cooperation for the development, application and spread of hydrogen technologies.
They noted the combined role of organic energy and biofuels in the four elements of the circular carbon economy.
The members agreed, on a voluntary basis, to take advantage of the available opportunities to strengthen cooperation, cooperation and partnership relations, including those contained in the Circular Carbon Economy Acceleration Program, while providing support from relevant international organizations and other forums, such as the Ministerial Conference on Clean Energy and the Energy Efficiency Center , The International Energy Agency, the International Energy Forum, the International Renewable Energy Agency, the Innovation Mission Initiative, and the Gas Exporting Countries Forum.
They added, “As we continue our commitment to promoting public and private investments, innovative financing solutions from the public and private sectors, policy-related enablers, and multi-sectoral cooperation relationships, taking into account the different national and regional contexts, we will endeavor to explore the many opportunities available, including these. Linked to the circular carbon economy platform, and the existing programs and initiatives of the G20, aimed at promoting transformations aimed at providing reliable and affordable energy for all.
On energy security and the stability of its markets in light of the repercussions of the Corona crisis, the final statement of the energy ministers stressed that energy security is one of the main enablers of economic activity, and a necessary element to provide access to energy, and a fundamental pillar for the stability of energy markets. He reaffirmed the leaders ’recognition at the G20 Summit, held in Osaka in 2019, of“ the importance of global energy security as one of the guiding principles for transforming energy systems, including the ability of energy infrastructure to restore its correct state, enhance its safety and development, and the uninterrupted flow of supplies. From various sources, suppliers, and paths. “
They stressed the need to prevent supply disruptions, and to promote international energy markets that enjoy openness, freedom, flexibility, transparency, competitiveness, stability, reliability, and the importance of diversification in energy sources, suppliers and shipping routes. And the endorsement of the “G20 cooperation on energy security and markets.”
They stated that the effects of the recent decrease in the volume of investments and the loss of specialized skills pose risks threatening the energy sector’s ability to support a state of rapid economic recovery, stressing the importance of continuing cooperation to create favorable conditions for sustainable capital investments, including the promotion of investments in innovation and power The skilled worker, to support long-term goals of energy security and sustainability, and rebuilding the energy sector, as part of the broader approach to achieving a comprehensive recovery.
Within the framework of doubling efforts to strengthen the pillars of energy security and enhance the stability of its markets, the meeting agreed to cooperate in all fields and to enhance the principles of inclusiveness and transparency, and to study the possibility of expanding the geographical scope to cover the group’s energy information, calling on the International Energy Forum to do this in coordination with the partners in the information initiative Shared energy, as well as with other relevant international organizations.
It was agreed to enhance the reliability of energy systems and their ability to restore their proper condition, by reducing the risks of attacks that are carried out through the criminal use of communication and information technologies.
This is in addition to encouraging dialogue with the aim of helping to mobilize public and private investments in various energy sectors, including innovative technologies, and high-quality infrastructure, in line with the national conditions of countries, in order to enhance energy security.
They promised that energy markets, which enjoy openness, flexibility, transparency, competitiveness, stability and reliability, along with stable, predictable, necessary, fair and non-discriminatory regulatory frameworks, play an important role in enhancing the stability of markets and investments.
They called on the International Energy Agency, the International Energy Forum, the International Renewable Energy Agency, the Organization of Petroleum Exporting Countries, the Gas Exporting Countries Forum, and other relevant international organizations to continue looking at this issue within their own work programs. They appreciated the establishment of a focus group on energy affairs, within the framework of the Saudi G20 presidency, and the efforts made by members of this focus group to restore the balance of energy markets and ensure their stability and security.
The closing statement stated that the focus group on energy discussed a number of measures, including adjusting energy production, consumption control and supply reserves, and data transparency. According to the statement, the focus group’s work contributed to shedding light on the importance of sustainable capital investments in enhancing energy security and stability in the short and long term.
He announced the endorsement of the energy ministers, who are participating in the relevant focus group, of the members ’relevance to the procedures that have been established, and welcomed the recommendations of the focus group.
They called on the International Energy Forum, in cooperation with the International Energy Agency and the Organization of Petroleum Exporting Countries (OPEC), under the umbrella of the Joint Energy Information Initiative and the Tripartite Agreement, to take steps aimed at remedying the lack of data transparency, to achieve more comprehensive coverage of energy information, and to analyze it on a large scale. Wider, in cooperation with other international and regional organizations.
They added, “We are aware that the members interested in continuing to deal with short-term problems are directed to follow a gradual approach, within coordination led by the International Energy Forum, which is available to countries interested in participating on a voluntary basis, and the International Energy Forum provides relevant updates in this regard to the Ministers of Energy,” It is also completing the short-term analyzes and submitting them to the Energy Sustainability Working Group for consideration. “
The meeting expressed their gratitude to the Kingdom, the Chair of the G20, for its tireless efforts and distinguished leadership, noting the continued cooperation towards Italy’s presidency of the G20 in 2021 and beyond.
They affirmed that access to energy is one of the basic requirements for economic and social development, welcoming the progress made in efforts to ensure that all people have access to reliable and affordable energy supplies.
However, they promised that the world is not on the right path towards achieving energy access on a global scale, nor towards removing the repercussions of the crisis on societies most vulnerable to harm, and thus achieving sustainable development goals.
They pointed out that in 2018, about 2.8 billion people of the world’s population still did not have clean facilities to cook their food, in addition to that, there are about 800 million people who lack, at the present time, access to electricity, and many more of these people reach them. Limited or unreliable electricity.
The G20 energy ministers renewed their commitment to work together to accelerate progress in providing clean cooking and electricity capabilities, including by adopting and investing in technologies, with the aim of ensuring access to energy as quickly as possible, and continuing collective efforts to eliminate poverty To energy, and strive to ensure the adoption of a comprehensive approach that addresses the enormous impacts of the problem of energy shortages on the most vulnerable segments of the population, such as the marginalized and displaced, and to ensure that women are empowered to become active partners in the global energy sector.
Emphasizing the commitment and the adoption of effective methods to enhance the implementation of the regional voluntary cooperative action plans, with regard to energy access according to the specific circumstances of each country.
The ministers endorsed the “G20 initiative to facilitate clean cooking and access to energy”, looking forward to further progress in facilitating clean cooking, access to energy and the elimination of the lack of it, during Italy’s presidency of the group.
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