EU, US vow to work towards keeping global energy markets stable

LONDON

The European Union and US on Tuesday reaffirmed their intention to continue to coordinate responses to keep global energy markets stable.

The 10th EU-US Energy Council gathered in Brussels, with the meeting chaired by EU foreign policy chief Josep Borrell, European Energy Commissioner Kadri Simson, US Secretary of State Antony Blinken and US Deputy Secretary of Energy David Turk.

In a joint statement released after the meeting, the council highlighted the importance of coordinated action to keep global energy markets stable in the face of various threats.

"Transatlantic energy cooperation continues to contribute to the stability and transparency of global energy markets by promoting energy diversification and security, endorsing energy efficiency measures, developing technologies contributing to the transition towards net zero emissions by 2050, and through research, innovation, aligned policies and business cooperation," said the statement.

The council also reiterated its condemnation in the "strongest possible terms" of Russia's war on Ukraine, calling on Russia to withdraw all its military forces from the territory of Ukraine within its internationally recognized borders.

"Russia's war has also triggered a global food and energy security crisis, with sharp increases in prices, market volatility and a disproportionate impact on the developing world and vulnerable populations," it noted.

It said that Russia's attacks on critical infrastructure in Ukraine have put "unprecedented strain" on the safety and functioning of the country's energy systems.

The council also condemned Russia's “dangerous actions" at the Zaporizhzhia Nuclear Power Plant in southeastern Ukraine, the largest nuclear power plant in Europe.

"The council reaffirmed that the future of Ukraine, the Republic of Moldova…and their citizens lies within the European Union and would continue to support Ukraine's and Moldova's further integration with the EU," said the statement.

"The EU and the United States intend to coordinate their support for transparent, integrated and competitive energy markets in the Western Balkans in line with the EU enlargement policy as well as with the climate objectives and obligations under the Energy Community Treaty."

It stressed that the parties recognized the importance of energy relations and notably the role of gas and renewable energy supplies to the EU from and through regions such as the South Caucasus, the Black Sea, the Eastern Mediterranean and North Africa.

“The pivotal role of reliable energy partners in these regions calls for mutually beneficial cooperation on security of energy supplies as well as enhanced cooperation on critical infrastructure,” it said.

Additionally, it said the EU and US intend to continue working together to foster energy investments helping the transition towards climate neutrality.