Economy
International Energy Charter signed in The Hague
Today (20 May) at the Kurhaus Hotel in The Hague, a new era in energy governance is dawning, with the signing of the International Energy Charter (IEC).
The IEC is a political declaration that has evolved from the European Energy Charter (1991) and the Energy Charter Treaty (1994). It seeks to set common rules and standards, based on the 'Atlantic' principles of free-trade and compliance with international law.
The IEC has moved way beyond the original 'Euro-centric' character of the 1991 declaration. Today in The Hague Ministers and Ambassadors from developing nations in Africa and South America are signing the IEC alongside China and other Asian nations. Nigeria, Africa's biggest energy producer, and an OPEC member, will also sign.
"Today we embark on the hope and expectation that the new International Energy Charter will do justice to the importance of energy security for producing, consuming and energy transit countries, and in a balanced manner," said Energy Charter Secretary General Dr. Urban Rusnák (pictured).
Notably, the IEC seeks to address the important issue of alleviating energy poverty, a major hurdle to economic and social development in many countries across the globe, and most particularly in Sub-Saharan Africa. For many of the new signatories, the IEC is seen as a first step towards accessing to the legally binding Energy Charter Treaty.
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