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  • The G20 Conference on commodity and energy markets

The G20 Conference on commodity and energy markets was held in St.Petersburg

On July 8, 2013 the G20 Conference on commodity and energy markets "Sustainable energy: designing policy for the G20" was held in St.Petersburg. The Conference brought together the representatives of the G20 and invited countries, international organizations, big business, as well as the representatives of think tanks and academia.

Chief of the Presidential Experts' Directorate and the Russian G20 Sherpa Ksenia Yudaeva in her welcoming speech noted, that the Conference was aimed at launching the dialogue with the outreach partners in an effort to formulate concrete proposals for the G20. "To a certain degree the Conference is quite special because it is supposed to summarize the outcomes of a series of outreach activities that took place on the topics discussed within the mandate of the G20 Energy Sustainability Working Group," - Ksenia Yudaeva said.

According to the Russian Sherpa, the efficiency of the energy markets is a must  for the Russian Presidency agenda as it was in 2008 when the G20 was created. The G20 countries are fully committed to implement earlier agreements, and to take further practical steps towards improving the commodity market transparency and efficiency. "Together with our partners in the G20 we are intent on making practical steps forward. We can benefit much more from analyzing our expectations for the future rather than from reflecting on our past drawbacks. We need to know what kind of impact the energy markets will have on economic growth in the years to come. Otherwise the core priority of the Russian G20 Presidency - facilitating growth - will be deprived of one of its basics," - Ksenia Yudaeva said.

At the Conference the delegates expressed their expert opinions on the prospects of energy and commodity markets sustainability. They discussed key trends, potential risks and challenges, sources and technologies important enough to be part of the sustainable energy agenda, evaluated investment demand and possible ways to meet this demand.

Political measures to promote inclusive green growth and facilitate the path towards energy sustainable future were also considered during the Conference. The participants discussed practical challenges to pursuing the inclusive green growth and attaining the objectives of sustainable development, ways of organizing national policy experience sharing and the role to be played by the international organizations in this field.

The Conference agenda also included the topic of improving transparency and functionality of the commodity markets. The delegates considered the issues of information gaps in  commodity markets knowledge accessible to the public, the regulatory environment dynamics, as well as data disclosure activities supported by the G20 (such as Joint Organization Data Initiative (JODI)).

The participants also exchanged opinions on the issue of encouraging investment into the energy sector aimed to foster its sustainability. They gave an overview of the limitations of the existing market models to attract long term investment into the commodity and energy markets, considered regulatory issues and possibilities of making real economy an attractive object for financial investment.

In addition, Head of Russian Federal Tariff Service Sergey Novikov made a presentation of the results of the dialogue among national energy regulators. In his speech he pointed out that on June 3 in Kazan the G20 Outreach Energy Regulators Round Table was held. As a result of this event, the Joint Statement containing their shared understanding of ways to ensure sound regulation and promote investments in energy infrastructure was agreed on.

Within the framework of the Conference the presentation of the Global Marine Environment Protection (GMEP) Initiative website, which is one of the significant aspects of the G20 Energy Sustainability Working Group work, was held. The Initiative primarily proposed by Russia, is aimed at enhancing international cooperation for prevention and dealing with accidents and their consequences in offshore oil and gas exploration and development, as well as during maritime transportation.