EU and China Pledge to Develop Global LNG Market
The EU and China pledged on April 9 to work together to boost the development of global LNG markets.
The commitment is one of several listed in a Joint Statement on Energy Cooperation that was signed at the 21st EU-China Summit. The meetings in Brussels saw Chinese Prime Minister Li Keqiang discussing trade issues with European Commission President Jean-Claude Juncker and European Council President Donald Tusk.
The energy package builds on several earlier declarations of intent to work on the energy transition. It pledges that the EU and China will work together to improve energy efficiency, raise the generation capacities of renewables, and encourage innovation.
However, no programme is outlined, leaving the document to list general aims. It is stressed that the agreement confers no political, legal or financial commitments.
“The energy cooperation’s overarching goal is to further the global clean energy transition while improving the security of energy supply,” the statement reads.
“Supporting fuel-switching to low-carbon energy sources traded on open and transparent global markets,” is noted as one of the aims.
As part of this, the statement calls on the signatories “to develop and support a global, efficient and flexible liquefied natural gas (LNG) market for the benefit of the EU and China.”
A document outlining the views on and the possible priorities for joint cooperation on flexible and efficient global energy markets for LNG is planned, although there is no deadline suggested for the delivery of the study.