G7 Energy Ministers Issue Statement

U.S. Department of Energy Secretary Ernest Moniz met with energy ministers from the other G7 nations (Canada, France, Germany, Italy, Japan, and the United Kingdom) in Rome on May 5 and 6 “to discuss ways to strengthen collective energy security.” The joint statement issued after the meeting includes the following key points:

Energy should not be used as a means of political coercion nor as a threat to security…

Energy security [must be improved] at national, regional and global levels [including Ukraine]…

A broader energy security strategy is needed to address… today’s globalized energy markets…
Diversification of the energy mix [is vital and] in the medium term, the diversification of sources and routes for fossil fuels is essential.

Energy efficiency needs to be further addressed by proactive policies…

No country should depend totally on one supplier, [and we] intend to promote a more integrated LNG market, including… new supplies, the development of transport infrastructures, storage capacities, and LNG terminals…

New routes to supply energy [must be opened], in particular the Southern Corridor, as a route for possible other sources of supply for Europe. We will further promote flexible gas markets, including relaxation of destination clauses and producer-consumer dialogue.

Among other “action items,” the G7 energy ministers agreed to “ask the International Energy Agency, in close relation with the European Commission, to present within six months options for individual and collective actions of the G7 in the field of gas security.”

To read the full G7 statement: Click Here.