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APEC energy investment of over US$6 trillion needed by 2030



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28 May 2007

APEC ENERGY INVESTMENT OF OVER US$6 TRILLION NEEDED BY 2030

APEC economies will collectively need to invest more than US$6 trillion by 2030 to meet their energy requirements, and how they do this whilst ensuring energy security and sustainability will be a key focus of ministers and delegates attending the eighth APEC energy ministers meeting in Darwin today.

Chaired by Australian Minister for Industry, Tourism & Resources, Ian Macfarlane, the eighth APEC Energy Ministers' Meeting will cover issues such as reducing impediments to energy investment and trade, and promoting energy diversity, efficiency and cleaner energy technologies.

"We will look at how developed and developing countries can meet growing energy demands and secure the supplies of energy they require in a sustainable manner," Mr Macfarlane said.

"The APEC region accounts for over 60% of world energy demand, and with the world's three biggest energy users - China, the US and Russia - part of APEC, this meeting is a crucial opportunity for us to look at the challenges we face and how we can increase efficiency and diversity in the energy sector."

The important role that business plays in the APEC energy sector is recognised through the APEC Energy Business Forum being held today.

"Governments can't do this on their own, so we need to engage business. The Energy Business Forum will involve a number of senior energy industry representatives from APEC economies and will discuss energy security and environmental impacts from a commercial perspective," Mr Macfarlane said.

"The recommendations arising from the Energy Business Forum on Monday will be presented to the meeting of Ministers and delegates on Tuesday so they will have a direct input into the APEC process. Ministers will also discuss clean and efficient production and use in the stationary energy sector, and achieving oil security with particular regard to the transport sector."

The eighth APEC Energy Ministers' Meeting runs from 27-30 May with the theme of 'Achieving energy security and sustainable development through efficiency, conservation and diversity'. Over 200 APEC Ministers and delegates are attending.

The 21 APEC member economies are: Australia, Brunei Darussalam, Canada, Chile, the People's Republic of China, Hong Kong China, Indonesia, Japan, the Republic of Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Republic of the Philippines, the Russian Federation, Singapore, Chinese Taipei, Thailand, the United States and Viet Nam.