G20 Foundation Publications Australia 2014 - Page 80

80 ENERGY ENERGY Not only can such a phase-out reduce wasteful consumption, save money and improve market transparency and efficiency, it can also help to encourage investment in alternative energy technologies that help reduce demand growth as well as carbon emissions. The role of the G20 in developing long-term sustainable energy security strategies In recent years, work commissioned by the G20 has also contributed to global understanding of the factors affecting oil price formation, as well as providing a crucial opportunity to underscore, at a high political level, the importance of data and transparency to the sound functioning of all energy markets. I am pleased to say that the IEA has been an active supporter of each of these G20 work streams. Maria van der Hoeven, Executive Director, International Energy Agency World leaders face an array of challenges in seeking to provide the secure, affordable and sustainable energy supplies needed to drive economic growth. Many of these challenges are global in nature and are most effectively addressed through a combination of both domestic efforts and international cooperative action. The G20, alongside other key international fora and organisations, including the International Energy Agency (IEA), can play an important role in facilitating shared responses to our most critical energy challenges. G20 members today account for around three-quarters of global energy demand. This reality looks set to continue, with strong demand growth projected in the decades ahead for the emerging economies of the G20. The Group also accounts for the lion’s share of global carbon emissions. For these and other reasons, the G20 economies share an interest in fostering energy systems and markets that possess enhanced resiliency, efficiency and sustainability. Reflecting the importance of energy to the overall strength and stability of the global economy the G20 has, in the past five years, progressively expanded its deliberation of energy-related matters from a starting point of inefficient fossil fuel subsidies in 2008/9. These efforts were taken a step further in 2013, with the establishment of the G20 Energy Sustainability Working Group (ESWG), which brings together in a single forum the various strands of energy-related work that have emerged across the wider G20 agenda. Importantly, the ESWG includes not only major consumers and producers from advanced and emerging economies, but also intergovernmental energy players such as the IEA, whose own mandate incorporates all fuels and all aspects of energy policy. Indeed, in actively deepening its own cooperation with key emerging economies, the IEA is seeking to support the objectives of G20 economies in moving towards a more secure and sustainable energy system. The G20’s efforts in the field of energy have already begun to yield results. One such example is efforts toward the phase- out of inefficient fossil fuel subsidies. G20 members today acco չЁ™½Θ…Ι½ΥΉ)Ρ‘Ι•”΅ΕΥ…ΙΡ•Ί½˜±½‰…°)•Ή•Ιδ‘•΅…Ή)Q‘₯́‘…́₯Ή±Υ‘•½ΉΝ₯ΝΡ•ΉΠΝΥΑΑ½ΙΠ)™½Θ°…́„™½ΥΉ‘₯ΉœΑ…ΙΡΉ•Θ½Ι…Ή₯Ν…Ρ₯½Έ°)Ρ‘”)½₯ΉΠ=ɝ…Ή₯Ν…Ρ₯½ΉΜ…Ρ„%Ή₯Ρ₯…Ρ₯Ω”(‘)=$€μ‰½Ρ ™½ΘΡ‘”±½Ή•Θ΅ΝΡ…Ή‘₯Ήœ))=$=₯°…Ή™½Θ)=$…Μ°έ‘₯ έ…Μ)±…ΥΉ‘••…Ι±₯•ΘΡ‘₯́啅ȸ)Q‘”Θΐ₯́ݕ±°Α±…•ΡΌΑΙ½Ω₯‘”)±•…‘•ΙΝ‘₯ΐ½ΈΡ‘”ΡΙ…ΉΝ™½Ι΅…Ρ₯½Έ½˜Ρ‘”)±½‰…°•Ή•ΙδΝεΝΡ•΄Ρ‘…Ёέ₯±°‰”Ι•ΕΥ₯Ι•)₯˜έ”…Ι”ΡΌ±₯΅₯Ёё”±½‰…°…Ω•Ι…”)Ρ•΅Α•Ι…ΡΥΙ”Ι₯Ν”ΡΌ±•Ν́ё…ΈΡέΌ‘•Ι••Μ) •±Ν₯ΥΜ°…́•ΉΩ₯Ν…•ΥΉ‘•ΘΡ‘”U8)±₯΅…Ρ”‘…Ή”ΑΙ½•ΝΜΈQ‘”%ŠéΉ•Ιδ)Q•‘Ή½±½δA•ΙΝΑ•Ρ₯Ω•Μ€ΘΐΔΠ€‘Q@€ΘΐΔΠ€)‘₯‘±₯‘Ρ́ё…ЁΉΌΝ₯Ή±”Ν₯±Ω•Θ‰Υ±±•Πέ₯±°)…±±½άΎѼ…‘₯•Ω”Ρ‘”ΝΌ΅…±±•ΡέΌ)‘•Ι•”Ν•Ή…Ι₯Ό€ ΙL€μΙ…Ρ‘•Θ„ΝΥ₯Ρ”½˜)Ρ•‘Ή½±½₯•Μ…Ή…Ρ₯½ΉΜ°½ΈΡ‘”‘•΅…Ή)…ΉΝΥΑΑ±δΝ₯‘•Μ°΅ΥΝЁΑ±…䁄Ι½±”Έ) ‘₯•˜…΅½ΉœΡ‘•Ν”₯́•Ή•Ιδ•™™₯₯•Ήδ°)…Ή₯Ё₯́Ή½Ρ…‰±”Ρ‘…Ё₯Έ€ΘΐΔЁչ‘•Θ)Ρ‘”ΥΝΡΙ…±₯…ΈAΙ•Ν₯‘•Ήδ°Ρ‘”Θΐ₯Μ)Ν••­₯ΉœΡΌ₯΅ΑΙ½Ω”•Ή•Ιδ•™™₯₯•ΉδΈ)=ΑΑ½ΙΡΥΉ₯Ρ₯•ΜΉ½ά•α₯ΝЁ™½ΘΘΐ½ΥΉΡΙ₯•Μ)ΡΌΝ‘…Ι”•α…΅Α±•Μ½˜Ρ‘•₯ȁΝՍ•ΝΝ™Υ°)‘½΅•ΝΡ₯Œ…Ρ₯½ΉΜ₯ΈΝΥΑΑ½ΙЁ½˜•Ή•Ιδ)•™™₯₯•Ήδ°…́ݕ±°…́™½Θ½±±•Ρ₯Ω”)Θΐ…Ρ₯½Έ½Έ•Ή•Ιδ•™™₯₯•Ήδ°™½Θ)•α…΅Α±”ΡΌΝΥΑΑ½ΙЁ•Ή‘…Ή•‘…Ρ„½ΘΡΌ)•Ή½ΥΙ…”Ρ‘”Ν…±₯ΉœΥΐ½˜₯ΉΩ•ΝΡ΅•ΉΠ)™½Θ•Ή•Ιδ•™™₯₯•ΉδΈ)U±Ρ₯΅…Ρ•±δ°•… ΅•΅‰•Θ½˜Ρ‘”Θΐ)έ₯±°‘•₯‘”½Έ₯Ρ́½έΈΑ±…ΉΜ™½ΘΡ‘”)ΡΙ…ΉΝ™½Ι΅…Ρ₯½Έ½˜₯Ρ́•Ή•ΙδΝεΝΡ•΄Έ ΥΠ)Ρ‘”Ι½ΥΐΑΙ½Ω₯‘•Μ…Έ₯΅Α½ΙΡ…ΉΠ™½ΙΥ΄)ёɽ՝ έ‘₯ •αΑ•Ι₯•Ή•Μ…Ή•αΑ•ΙΡ₯Ν”)…Έ‰”Ν‘…Ι•°Ν½ΥΉ‘…Ρ„…ΉΑ½±₯₯•Μ)ΑΙ½΅½Ρ•°…Ή½΅΅½Έ½…±Μ΅•ΠΈ%Ё…Έ)…±ΝΌ•Ή½ΥΙ…”Ι•…ѕȁ•™™•Ρ₯Ω•Ή•Ν́…Ή)ΡΙ…ΉΝΑ…Ι•Ήδ½˜±½‰…°•Ή•Ιδ΅…Ι­•ΡΜ°)΅…­₯ΉœΡ‘•΄΅½Ι”Ν•ΥΙ”₯ΈΡ‘”ΑΙ½•ΝΜΈ)Q‘”%₯́ΑɽՐΡΌ‰”„­•δ½ΉΡΙ₯‰ΥΡ½Θ)ΡΌΡ‘”Θΐ°ΑΙ½Ω₯‘₯Ήœ…Ή…±εΡ₯…°έ½Ι¬½Έ)„Ι…Ή”½˜Ρ½Α₯ΜΝ₯Ή”€Θΐΐఁ…Ήέ₯±°)½ΉΡ₯ΉΥ”ΡΌΝΥΑΑ½ΙЁё”Ι½Υΐ₯Έ₯Ρ́•™™½ΙΡΜ)ΡΌ•Ή½ΥΙ…”„Ν‘…Ι•Ω₯Ν₯½Έ™½Θ±½Ήœ΅Ρ•Ι΄)•Ή•ΙδΝ•ΥΙ₯Ρ䁅ΉΝΥΝΡ…₯Ή…‰₯±₯ΡδΈƒŠZ€(ΰ