December 19, 2008

The London Energy Meeting brought together 38 of the world's primary energy producing and consuming nations, including a delegation from Canada, headed by the Honourable Lisa Raitt, Minister of Natural Resources.

As a major oil-producing country, Canada's participation was crucial to the meeting's success. Canada is unique globally in its energy position – it is the sixth-largest energy producer in the world and the only country in the Organisation for Economic Cooperation and Development (OECD) whose energy exports continue to increase.

In advance of the London meeting, Minister Raitt announced that Canada and the United Kingdom (UK) have signed the Canada–UK Joint Statement on Carbon Capture and Storage (CCS) – agreeing to work closely to develop and promote CCS technologies.

Canada–UK Joint Statement on CCS

Canada and the UK are two of the leading countries promoting carbon capture and storage. This technology has great potential in global efforts to tackle climate change by reducing emissions from burning fossil fuels by up to 90 percent. CCS is particularly important for major economies that are dependent upon coal to meet their energy requirements.

The 2008 G8 Leaders' Summit emphasized the importance of CCS as a key technology for tackling climate change and enhancing energy security in a carbon-constrained world. Leaders agreed to the ambition of launching 20 commercial-scale CCS demonstration projects globally by 2010 in order to accelerate bringing this important technology to market.

Both governments are strongly committed to CCS and encourage commercial-scale deployment by 2018. We have today agreed to work closely with each other to exchange experience and information on key issues, such as the development of detailed regulatory frameworks, exploration of mechanisms for deploying CCS projects in developed and developing countries and the demonstration of key elements of the CCS chain. In addition, we will share the learning developed as a result of our respective commercial-scale demonstration projects.

We have committed to working together internationally to promote understanding of CCS technology through multilateral groupings such as the G8, the International Energy Agency (IEA), the Carbon Sequestration Leadership Forum (CSLF) and the International Energy Forum (IEF).

London Energy Meeting

The London Energy Meeting was also attended by leading energy corporations as well as representatives of the Secretariats of the International Energy Agency (IEA), the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Forum (IEF).

Discussions focused on the impact of the current global economic downturn on world energy markets and the progress made to stabilize energy markets following the June 2008 Jeddah Energy Summit. Delegates also examined the need to clarify the energy needs of consuming states, create greater transparency in international oil markets and ensure access to open and reliable energy data. The meeting also offered an opportunity to discuss possible collaboration in technology development, energy efficiency and conservation.

Participants agreed that a better understanding is needed of the interactions between oil and financial markets and that international cooperation should continue to make international oil market data more transparent.

Minister Raitt told delegates that Canada has a solid economic foundation, a strong financial system and a wealth of energy and other natural resources. Despite current global economic uncertainties, the solidity of Canada's economic foundation is not in question.

She also underscored Canada's commitment to securing Canada's energy future and tackling climate change. The Government of Canada has set a greenhouse gas emissions reduction target of 20 percent by 2020. Investment in new, innovative technologies like carbon capture and storage will help contribute to reaching this target.