72 countries plus EU, Euratom and ECOWAS adopt International Energy Charter

On May 20-21, 2015, energy ministers and other high level officials from around the world gathered in The Hague, The Netherlands, in order to adopt the International Energy Charter: a political declaration for international energy cooperation.

The result of lengthy negotiations, involving around 8o states, the International Energy Charter represents a new and dynamic institutional benchmark outlining the principles governing energy relations between the countries that have signed this document.

The International Energy Charter constitutes a modern, non-discriminatory global instrument that aims to address the core energy challenges of the 21st Century.

These include security of supply, security of demand and that of transit of energy, as well as universal energy access as a means of poverty reduction, and shared environmental responsibility.

The central theme of The Hague ministerial conference was ‘Investing in Energy’.

Indeed, the International Energy Charter is a critical tool in moving signatory countries towards a clear commitment of the principle of protection of investments in the energy sector at the global level.

In an extremely fluid global environment, delegates from Africa to the Americas, from Europe to Asia, gathered in The Hague to share a common vision for addressing core areas of concern facing international energy markets.

Reliable investment conditions and predictable energy markets are of vital importance for the international economy. So is transparency and good energy governance. Stability of markets enhances investor confidence and helps to build trust between governments and the investor community.

Energy Charter Secretariat Secretary General Dr. Urban Rusnák said: “This ministerial conference is the culmination of so much effort by so many. Much has been achieved, that should be celebrated. And yet, much remains to be done. This is not the end of a process, but rather the beginning of a process. Today is the dawn of a new age!”

The International Energy Charter can be seen as a first step towards accession to the legally binding Energy Charter Treaty. Together, the Charter and the Treaty are envisaged as a major step in helping to stimulate the many billions of dollars in investment flows that are required each year in order to meet rising global energy demand in a sustainable manner.

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