Wednesday, June 21, 2006

Results of the Vienna Summit

The U.S. - EU summit concluded in Vienna.  The joint statement contained a substantial discussion of energy policy.  The most significant commitment is the US agreement to conduct a high level dialogue on long range climate change policy.

Promoting Strategic Cooperation on Energy and Energy Security, Climate Change and Sustainable Development

We recognise the strategic role of security of supply, competitiveness and sustainability in the energy sector. In this connection, we strongly reaffirm our commitment to the energy security principles enunciated by the International Energy Agency. We have agreed to reinforce our strategic energy cooperation to:

• support diversification of energy sources and supplies;

• secure our energy infrastructure;

• promote market-based energy security policies that ensure competition, transparency, respect for contracts, and non-discriminatory trade, transit, and access;

• speed development of new lower-pollution and lower carbon technologies;

• accelerate investment in cleaner, more efficient use of fossil sources and renewable sources in order to cut air pollution harmful to human health and natural resources, and reducing greenhouse gases associated with the serious long-term challenge of global climate change. 

We will cooperate to ensure sufficient, reliable and environmentally responsible supplies of energy at prices reflecting market fundamentals, facilitating sustained global economic growth as well as expanding access to energy in developing countries. Thus, we agree to:

UkraineU.S.

• Improve energy security by enhancing the dialogue with the main transit, producer and consumer countries and by promoting diversification of energy sources and supply routes worldwide and notably in the Caspian sea region, Middle East, continental Africa and Latin America;

• Analyse geopolitical implications of the worldwide energy situation as it develops, its impact on our external policies and to develop mutually reinforcing policies where appropriate;

• Promote energy security policies in key third countries by encouraging a gradual transition to market pricing and behaviour, and coordinate capacity-building assistance to emerging economies, including to increase energy efficiency, adopt clean technologies and build strategic stocks;


• Support maintenance and improvement of pipeline infrastructure to ensure uninterrupted deliveries and facilitate diversification of investments in large transnational projects by ensuring convergence of legal and regulatory frameworks and
supporting collaboration among energy regulatory authorities, notably with Ukraine;

• Coordinate where appropriate technical assistance to improve energy legal and regulatory frameworks and investment climates in third countries;

• Improve the security of global energy networks and develop standards for physical security of critical energy infrastructure;

• Facilitate development of Liquefied Natural Gas (LNG);


• Increase our coordination within international fora, notably the G8, the International Energy Agency (IEA) and the International Energy Forum (IEF);


• Use energy in a more efficient and environmentally responsible manner, and in particular cooperate on improving the efficiency of world-wide traded products. In this context we have just initialled a new Energy Star Agreement;


• Make more and better use of renewable energy sources and reinforce technological cooperation and partnerships, notably on environmentally-friendly low emission power generation technologies, hydrogen energy, carbon sequestration, cutting gas
flaring and biofuels;

• Promote diversification of fuel sources in the transportation sector, including through increased use of biofuels;

• Continue cooperation through the International Partnership for a Hydrogen Economy and increase collaboration over regulatory, standards and trade issues affecting alternative fuels and emerging technologies, especially hydrogen;


• Cooperate on developing efficient, transitional transport technologies, and fuel standards, such as plug-in hybrids or efficient diesel engines;


• Continue scientific exchanges among EU and  US
research and development organisations focused on energy efficiency in buildings;

• Promote, consistent with national energy policies, safety standards in the production of nuclear energy.

To monitor and guide this process, we will conduct an annual strategic review of EU-U.S. energy cooperation.

We also agreed to promote energy security worldwide by applying the following Energy Security Principles:

a. Contractual commitments should be upheld and market-based principles should prevail at all stages of the energy supply chain.

b. Diversifying sources of energy and modes/routes of transit and ensuring nondiscriminatory third-party access to transit infrastructure will improve the functioning of energy markets worldwide.

c. Open, transparent, non discriminatory and stable legal conditions that ensure fair and equitable treatment for energy investment and trade are essential to helping producing and transit countries meet market demands.

d. Further development of production and export capacities in producer countries in a safe and secure environment, and the upgrading of existing and development of new energy transportation infrastructures by producer and transit countries as well as further development of refinery capacity in all countries are critical.

e. Bolstering and ensuring the highest levels of physical and environmental security and safety of energy infrastructures, as well as the highest level of nuclear safety, is crucial to the durability and sustainability of the global energy system.

f. We should encourage the most economic and efficient use of energy worldwide notably through the use of market-based instruments to minimise negative environmental consequences, and should promote in particular the use of cleaner and more efficient use of fossil fuels and the development of economically competitive non-fossil energy sources based on appropriate policies and market-based instruments.

g. We should promote continued research, development and deployment of alternative energy sources and the facilitation of technological and industrial cooperation.

h. Supporting effective implementation of transparency and data sharing initiatives, such as the Joint Oil Data Initiative (JODI), including on the evaluation of oil reserves, and the Extractive Industries Transparency Initiative (EITI) will improve transparency and predictability of the market for all stakeholders.

i. Addressing energy poverty endured by many of the world’s poorest people who will still lack access to modern energy services is a priority.

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We will work more closely to address the serious and long-term challenge of climate change, biodiversity loss and air pollution and will act with resolve and urgency to reduce greenhouse gas emissions. We will continue our dialogue and efforts under the UN Framework Convention on Climate Change (UNFCCC), including work on long-term cooperative action in the process established in Montreal in December 2005. To this end, we have agreed to establish an EU-U.S. High Level Dialogue on Climate Change, Clean Energy and Sustainable Development to build on existing bilateral and multilateral initiatives and further advance implementation of the G-8 Gleneagles Plan of Action for Climate Change, Clean Energy and Sustainable Development. This dialogue will be guided by the ultimate objective of the UNFCCC and will initially meet in fall 2006 in Helsinki. Among topics of importance for this dialogue will be experience with different market-based mechanisms to promote cost-effective reductions in greenhouse gas emissions, advancing the development and deployment of existing and transformational technologies that are cleaner and more efficient, producing energy with significantly lower emissions, efficiency and conservation, renewable fuels, clean diesel, capture of methane, lower emitting agricultural operations and energy production and distribution systems, as well as other environmental issues.

 

 

 

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