Eighth International Energy Forum
(Overview and Assessment)
The Eighth International Energy Forum took place at the Osaka International Convention Center from September 21 to 23, 2002, with the participation of energy ministers or their proxies from 65 countries and representatives from 10 international organizations. The following is an overview and assessment of the meeting.
The Eighth IEF was hosted by Japan and co-hosted by Italy and the United Arab Emirates. Minister of Economy, Trade and Industry of Japan Mr. Takeo Hiranuma, delivered the opening speech and also served as chair of the fourth session. Senior Vice-Minister for Foreign Affairs of Japan, Mr. Shigeo Uetake, delivered the lead speech in the third session.
1. Overview
(1) Opening Speech: Minister of Economy, Trade and Industry Hiranuma pointed out that the relations between energy producing and consuming countries were shifting from confrontation to cooperation and that today all countries are "in the same boat."
(2) First Session: "World Energy Situation and Outlook"
Participants analyzed the outlook for the world energy situation until 2020 and considered countermeasures. In particular, participants pointed out the striking increase in energy demand in Asia and stated that continuous and large-scale investment was necessary to counter this. They affirmed that this was a task for both producing and consuming countries. The importance of the stability of the world oil market and the need for improved transparency in the market were also discussed.
(3) Second Session: "Facilitating Investment in the Energy Sector"
While it was pointed out that reserves of oil and natural gas are capable of meeting the increasing energy demand in the world, it was also noted that the investment necessary in upstream and downstream areas would be extremely large-scale and risky. The importance of establishing an investment environment to promote foreign investment in producing countries was emphasized, and from the producing side the importance of reliable demand was mentioned. Other comments included the fact that the relations between producing and consuming countries would deepen by strengthening interdependent ties through trade and investment of energy and that the economic and social stability of the recipient country was a premise for the promotion of investment.
(4) Third Session: "Interaction Among Energy Security, Environmental Issues and Economic Growth"
Discussions took place on the simultaneous achievement of energy security, environmental protection, and economic growth. Since conventional fossil fuels, including oil, will continue to be a main source of energy in the future, the importance of their clean and efficient use was emphasized. In particular, the spotlight focused on the use of natural gas, which is more environmentally friendly. In addition, participants stressed the need to promote the development and diffusion of cleaner and more efficient fuel technologies, such as renewable energy, fuel cells, gas-to-liquid technology, dimethyl ether, and the absorption and solidification of carbon dioxide.
Senior Vice-Minister for Foreign Affairs Uetake mentioned five points as possible measures for the simultaneous achievement of economic growth, environmental protection, and energy security: the active utilization of natural gas, the diffusion of renewable energy, energy conservation and the improvement of energy efficiency, the promotion of energy education, and the research and development of energy. Mr. Uetake received support when he called for cooperation in the "Energy Literacy Initiative," aimed at promoting worldwide efforts on energy education.
(5) Fourth Session: "The Way Forward of the IEF in Addressing International Energy Issues"
The participating countries basically showed their support for the establishment of a permanent secretariat for the IEF, and it was confirmed that consideration on the specific details would begin as soon as possible. Support was also expressed for the monthly oil data reporting initiative. Furthermore, they agreed on the importance of continuing the dialogue between producing and consuming countries in the future and decided that the next host would be the Netherlands, with Iran and Norway as co-hosts.
2. Assessment
(1) The meeting was the largest ever, with the participation of 65 countries and 10 international organizations. This showed that the expectations of countries for a producer-consumer dialogue is growing.
(2) As the first IEF meeting to be held in East Asia, it served to appeal the importance of Asia in the energy sector.
(3) Regarding the establishment of a permanent secretariat for the IEF, which attracted much attention in this meeting, although some countries did call for a more concrete agreement, in the end the participants showed basic support for establishment and decided to begin working-level discussions on specific matters, such as organization, budget, and personnel, as soon as possible.
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