EU Commissioner for Climate Action and Energy Miguel Arias Cañete participated in the meeting of G7 Energy Ministers on 1-2 May. G7 representatives from France, Germany, Italy, the UK, the US, Japan and Canada also participated. The main items on the agenda were global energy security, energy investment for global economic growth and sustainable energy. The meeting also focused on cyber security of energy infrastructure, innovation and deployment of new energy technologies, as well as on support for energy sector reforms in Ukraine.
In the margins of the G7 Energy ministerial meeting, Commissioner Arias Cañete met with Japan’s Minister of Economy, Trade and Industry Motoo Hayashi, United States Secretary of Energy Ernest Moniz, and with Canada's Minister of Natural Resources Jim Carr. In addition to the G7 Energy Ministerial, Commissioner Arias Cañete also met Japan's Environment Minister Tamayo Marukawa as well as Japanese industry representatives (Hitashi, Toshiba, Mitsubishi) in Tokyo. For more information visit the website of the Japanese G7 Presidency.
Commissioner Arias Canete said: "Falling oil and gas prices make energy investments more challenging for the energy sector, both globally and in Europe. However, the global and European energy and climate challenges will not go away, and certainly not as a result of low energy prices. G7, as a group of industrialised, developed and like-minded nations, must work together on the transition towards a more competitive, secure and sustainable energy system and this will require significant investments. And the Paris Agreement gives us the right framework to boost these investments.
While substantial progress has been made on energy reforms over the past year in Ukraine, important legislative measures must be completed without delay. These include, a new law on the energy regulators, a new electricity law in line with the EU’s legislation and a new law on energy efficiency. Thanks to the EU and our partners we have been able to avoid any short term shortages and previous years' instabilities, and we will continue to work closely together with our G7 partners. Needless to say, the EU remains committed to efforts to ensure that Ukraine remains a stable and reliable transit route for gas. I am very encouraged by Ministers' unequivocal commitment to implementing the Paris Agreement. Let's be clear – the more ambitious we are on climate the better it is for our energy security"