G20

Monday, November 20, 2006

G-20 conclusions

The communique for the G-20 meeting in Melbourne has been released.

On energy, it is reported:

We agreed that enhancing global trade by strengthening markets, and ensuring sustainability by promoting investment and encouraging efficiency, are the best ways to deliver lasting resource security.

There should be intervention in national politics by international politics for global aims.
Long-term resource security and dealing with key global challenges, such as climate change, require effective international policy frameworks and actions.

Moreover,
We note the International Energy Agency’s World Energy Outlook and its recommendations. The IEA reported this month that national governments and companies need to spend $20 trillion in the next 25 years - and there is still no guarantee of finding enough oil and gas. More than half the total will be needed in emerging countries; China alone needs to spend $3.7 trillion on energy during 2005 to 2030. Source

However the G-20 may have agreed on the best way forward, but have no powers of enforcement in the crucial matter of energy.

Thursday, November 16, 2006

Melbourne on 18-19 November 2006

From a posting below:

"Global energy is a new item for the G20's agenda, says the Australian secretariat of the G-20. It has yet to be discussed; the expectation is that Ministers and Governors will talk about some of the aspects at their meeting on 18 and 19 November 2006."

Australia's G20 website tells us: This November, Melbourne will host the world’s most influential economic and financial leaders at the G-20 Meeting of Finance Ministers and Central Bank Governors. It will be the most significant gathering of its kind ever held in Australia. Following the success of this year’s Commonwealth Games, Melbourne will again be at the centre of the world stage.

Energy was recently said to be a "political challenge of global dimensions". How will the G20 respond?