G20 leaders will work together to ensure access to affordable and reliable energy for all following a plenary session dedicated to global energy issues.
Leaders endorsed landmark energy principles which will ensure energy institutions are more inclusive of emerging and developing economies, will strengthen energy markets, enhance energy security, phase out inefficient fossil fuel subsidies that encourage wasteful consumption and support sustainable growth and development.
The Brisbane Summit is the first time G20 leaders have had a session dedicated to global energy issues.
Energy is now at the heart of the G20’s agenda and G20 Energy Ministers will meet for the first time next year to take this work forward.
Leaders also agreed to work together to develop better approaches to energy efficiency.
Using energy more efficiently makes our economies more productive and reduces costs for business and for households. It is also a very practical way to address climate change.
The G20 Energy Efficiency Action Plan identifies six areas where increased global action will have real benefits for all: heavy vehicles, appliances linked to networks, buildings, industrial processes and more efficient electricity generation and access to finance.
The G20 brings together most of the world’s biggest energy producers and consumers.
It represents more than 80 per cent of global energy consumption, 60 per cent of oil and gas production and over 90 per cent of coal production.
Access to affordable, reliable energy is integral to economic growth and development.
Around the world, about 1.3 billion people still lack access to electricity.
Strong and well-functioning energy markets are important for the world and for Australia.
They are essential to resilient economies and are also critical to energy security.
16 November 2014