BAKU, Azerbaijan, June 5. Energy exporters and importers working together will stabilize markets and hence reduce environmental hazards, Head of Energy Supply Unit at the International Energy Agency (IEA) Christophe McGlade said during the "International Cooperation for Energy Security and Sustainability" plenary panel at the 29th Baku Energy Forum in Azerbaijan, Trend reports.
"In a world where nations evaluate their resources based on reserves, whether they are hydropower or other energy sources, importers consistently prioritize dependable and cost-effective supplies. The primary challenge before us is to meet these demands. The pressing question is: how can exporters and importers collaborate effectively? What strides have already been taken in this arena? I wish to underscore several crucial aspects of the required cooperation.
First, fossil fuel importers must inform producers of their policy direction. Explaining their supply and demand policies helps producers plan their investments. This proactive approach addresses market supply issues and prevents economic disruptions. By violating these rules, the market risks significant losses.
Secondly, such cooperation mitigates the risk of market oversupply. In today's context, the extraction and refining processes of oil and gas contribute to approximately 15 percent of the world's daily greenhouse gas emissions," he stated.
McGlade further emphasized that coordinated actions between exporters and importers in the energy sector will not only stabilize markets but also mitigate environmental risks, thereby ensuring the sustainable development of the economy.
To note, over 600 delegates are participating in the forum, which started on June 5, representing a diverse range of countries including Australia, Austria, Belarus, Belgium, Bulgaria, China, the Czech Republic, Finland, France, Georgia, Hungary, India, Israel, Italy, Japan, Kazakhstan, Latvia, Monaco, the Netherlands, Norway, the UAE, Qatar, Romania, Russia, Saudi Arabia, Slovenia, Sweden, Switzerland, Ukraine, the UK, the US, and Uzbekistan. This year's forum boasts a record number of speakers, totaling 81.
The Forum's agenda will address energy issues of significance for Azerbaijan and the broader Caspian region, focusing primarily on considerations and financing related to energy security, energy transition, and green energy projects.
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