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Indian minister Jaipal Reddy Calls for International Cooperation to Meet Global Energy Security Challenges

India has called for intensifying global efforts for realization of sustainable global energy order for all. Addressing the 20th World Petroleum Congress at Doha, Qatar, Union Minister of Petroleum and Natural Gas Shri Jaipal Reddy said, in the past countries focused on Energy Independence and more recently, on Energy Security and if we have to evolve Energy Solutions for all, it is a forward movement. The Minister said, it also releases us from looking at energy from a security perspective which can bring a sense of isolation as opposed to a cooperative approach required for evolving solutions.

Speaking at the the congress the minister said, “As the petroleum minister of India, I am entrusted with the task to uplift one sixth of the global population in energy matters, and to address the energy requirements of a growing economy. Standing here amidst you, I think that the extension of my task on the global scale amounts to realization of sustainable global energy order for all.”

“We have witnessed the structure and dynamics of the petroleum market determining the contours of development. Realizing the Millennium Development Goals will remain elusive unless energy, a fundamental input for development, comes with sustainability and equity. 

We are aware of the economic pressures the world is experiencing. The process of economic progress, in several developed and developing nations, has been burdened with this new pressure. Recovery from this slowdown, might take longer. India, being the 4th largest primary energy consumer of the world, while maintaining robust growth rates, faces the uncertainties of global energy market in relation to the oil prices and its corresponding inflation.

At the International Energy Forum (IEF), Extraordinary Ministerial Meeting at Riyadh, I had expressed India’s support to the initiatives being taken in the US, UK and other countries, to bring in regulatory oversight of the physical and financial markets. I believe that more such initiatives by IEF and other international organizations should be in place for developing and implementing suitable regulatory mechanisms. The Cancun Ministerial declaration for enhanced IEF framework to strengthen the producer-consumer dialogue and ways to reduce energy market volatility are steps in right direction. The producer consumer dialogue has, in the past covered issues such as ensuring demand security for producers and supply security for consumers.

Multi-sectoral cooperation amongst various sectors dependent on energy inputs is another major area where efficiencies can be utilized. Policies for development introduced in isolation and ignoring the inter dependencies are also responsible for increased pressure on the energy sources. While we draw plans and budgets and revenue profiles, we should also include energy budgets in our calculations. Programs with rational energy use and targeted for larger population should have priority. This requires a careful selection of available sources of energy and involves harmonization of competing demands in choosing from sources such as coal, oil gas, nuclear, solar, wind etc. Introduction of energy sources which may be expensive as a part of energy mix and enhancing their usage over a period of time may be necessary to attain the goal, ” he elaborated.

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