MINISTERS SEE ACTIVE POLICY AND INVESTMENT ACTION AS CORE TO SOLVING FUTURE ENERGY CHALLENGES

The Minister also highlighted that about $650 billion of new investment is planned or underway over the coming decade in hundreds of major resource projects in Canada.

World Energy Congress, Daegu, Korea, 16 October 2013: Energy ministers from China, Russia, and Canada said on Wednesday that proactive government policies and robust investment are key pillars meeting soaring global demand.


Speaking at a senior panel session, Wang Yumin, Vice Administrator of China's National Energy Administration, Russia's Energy Minister Alexander Novak, and Canadian Minister of Natural Resources Joe Oliver addressed delegates at the World Energy Congress in Korea, each providing their own vision of how the "energy trilemma" – security, sustainability, and affordability, could be overcome sustainably.

Wang Yumin, Vice Administrator of China's National Energy Administration, said: "China's energy development challenges are dire. And they are growing because new sources of demand are being created."

Wang said China had managed to provide heating to 70% of the rural population, and has used advanced turbines and other technology to provide energy access to disadvantaged groups. He pointed out that China's energy efficiency is approaching 90%, but that the government would need to implement "strict measures" to keep energy consumption under control. "People's lifestyles will have to change," Wang said.

Russian Energy Minister Alexander Novak said: "It is clear that the main component of the trilemma is energy security. Unless it is guaranteed, all other good intentions fade into insignificance." He said that Russia will continue to raise the issue of global energy security at international forums such as APEC and G20 summits.

Russia will also propose ways of establishing a multinational energy infrastructure to ensure better provision to areas with energy production deficits. "This is of special relevance for the Asia Pacific region, as high economic growth rates and population increases bring about greater energy consumption," Novak said. He also reiterated that Russia is increasing the capacity of its Northern Sea Route to provide shorter and more productive routes for energy supplies.

Joe Oliver, Canada's Minister of Natural Resources, told delegates that Canada is undergoing a series of economic reforms to cut red tape on major energy projects. "Expanding and diversifying our energy exports is a top priority of the Canadian government," he said. "Canada has an emerging LNG industry and a strategic imperative to become an important supplier of energy to Asia."

The Minister also highlighted that about $650 billion of new investment is planned or underway over the coming decade in hundreds of major resource projects in Canada.

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