G7 foreign ministers and the EU High Representative issued a statement about energy security and resilience
G7 foreign ministers and the EU High Representative issued a statement about energy security and resilience, according to GOV.UK.
Statement by the foreign ministers of Canada, France, Germany, Italy, Japan, the UK, and the US, and the High Representative of the European Union:
"Russia is ... not a reliable energy supplier. We will act in solidarity and close coordination to mitigate the impact of supply disruptions on economies and citizens globally and in our countries, especially in order to protect vulnerable groups... We will build on our recent actions to secure energy supplies, stabilise markets and mitigate the increases in energy prices driven by Russia’s actions and extraordinary market conditions. This includes our efforts to reduce our demand for Russian energy and our support for International Energy Agency voluntary collective actions.
We remain committed to energy and resource diversification and promote competitive, reliable, affordable energy markets that are transparent and adhere to high environmental, social, and governance standards. We reiterate our support for an ambitious and expedited global clean energy transition towards net zero by 2050, consistent with a 1.5°C warming limit and implementation of the Glasgow Climate Pact. This is essential to achieving our shared climate, security, and economic recovery objectives. The more quickly we achieve this transition, the more secure our societies will be...
As we phase out Russian energy from our domestic markets, we will seek to develop solutions that reduce Russian revenues from hydrocarbons, support stability in global energy markets, and minimise negative economic impacts, especially on low- and middle-income countries. We remain committed to considering a range of approaches, including options for a comprehensive prohibition of all services that enable transportation of Russian seaborne crude oil and petroleum products globally, unless the oil is purchased at or below a price to be agreed in consultation with international partners. In considering this and other options, we will also consider mitigation mechanisms alongside our restrictive measures to ensure the most vulnerable and impacted countries maintain access to energy markets including from Russia.
We will further reduce our reliance on civil nuclear and related goods from Russia, and assist countries seeking to diversify their supplies. In all these actions, we will support each other and coordinate our actions to preserve G7 unity and reinforce our collective energy security and resilience. We welcome efforts by partners with the aim of replenishing gas reserves and increasing energy security and resilience... At the same time, we will continue our efforts with partners around the world to make energy savings and efficiency a global priority."
