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Russia Calls on G8 to Be Responsible

01.01.70

Russia has raised the question of responsibility of energy consuming states during the G8 finance ministers' meeting in St. Petersburg, Russia's Finance Minister Alexey Kudrin told the reporters. Kudrin chaired the financial summit this year.
"We had the supply steadily growing, but faced the consumption shock. In this context, the role of consumers' responsibility is stepping up," Kudrin made clear to the summit.

After discussing the problem of energy security, the G8 finance ministers spelled out responsibility of both energy producers and energy consumers in the final communiqu. The document, for instance, says that all market players should facilitate funding the energy sector, improve efficiency of using natural resources and contribute to making transparent all data about the energy markets.

In the capacity of the G8 chair, Russia added an issue of energy markets development to the agenda. The subject of energy security will be in the center of attention at the summit of G8 heads of states that St. Petersburg hosts in July.

In 1970s, the surge in crude prices forced developed states to shift to the policy of energy saving. Although soaring, the prices manifest the step-by-step growth today. Besides, the countries have become accustomed to the thrifty approach when consuming hydrocarbon. Today's situation differs from the crisis of 1970s. At that time, the shock rooted in restricted offer of energy resources, while the current highlight is the shock of consumption.

Another concern at the G8 meeting of finance ministers was improving transparency and reliability of data about the energy markets, including necessity to make out common accounting standard for crude reserves.

"The long term policy of consumers should be transparent and clear to us, as in each country, everything is different," Russia's Energy and Industry Minister Viktor Khristenko said earlier. "The Europeans proceed from one paradigm to control the demand, the Americans [stick to] the other. In this case, "transparency" is the factor no less significant for the market than stability."

Expert opinion

Halter Marek

02.12.06

Halter Marek
Le College de France
Olivier Giscard dEstaing

02.12.06

Olivier Giscard dEstaing
COPAM, France
Mika Ohbayashi

02.12.06

Mika Ohbayashi
Institute for Sustainable Energy Poliy
Bill Pace

02.12.06

Bill Pace
World Federalist Movement - Institute for Global Policy
Peter I. Hajnal

01.12.06

Peter I. Hajnal
Toronto University, G8 Research Group