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Energy ministers from the Group of 20 major economies called Tuesday for capital investments in innovative technologies and infrastructure to support energy security and bolster market stability as economies seek to recover from the novel coronavirus pandemic.
“As we address the impact of the COVID-19 crisis, we recognize that energy security is a key enabler for economic activity, an essential element of energy access, and a cornerstone of energy markets stability,” the ministers said in a joint statement issued after their two-day videoconference through Monday chaired by Saudi Arabia.
The ministers acknowledged the recent reductions in investment as “risks” to the energy sector’s ability to support an economic recovery, agreeing to collaborate in helping mobilize public and private investment in various sectors.
They also emphasized the importance of “stimulus packages to stimulate inclusive economic activities” with regard to fostering energy market stability and security.
Japan was represented by Hiroshi Kajiyama, minister of economy, trade and industry on the first day and Yasumasa Nagasaka, senior vice minister, on the second day.
The energy ministers previously met virtually for an emergency meeting in April when oil prices were sharply falling due to concerns over sagging global demand amid the coronavirus pandemic.
In May, the Organization of Petroleum Exporting Countries and other major suppliers such as Russia agreed to reduce production by around 10 percent of global output, or 9.7 million barrels a day.
The G-20 consists of Argentina, Australia, Brazil, Britain, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United States and the European Union.
