AT G20 FORUM OF ENERGY, INDONESIA CONFIRMS SOLIDARITY COMMITMENT TO FACE GLOBAL CHALLENGES

MINISTRY OF ENERGY AND MINERAL RESOURCES

REPUBLIC OF INDONESIA

PRESS RELEASE

Number: 151.Pers/04/SJI/2020

Date: 11 April 2020

AT G20 FORUM OF ENERGY, INDONESIA CONFIRMS SOLIDARITY COMMITMENT TO FACE GLOBAL CHALLENGES

Indonesia, the only country in the ASEAN region participating in the world's largest 20 economies (G20), urges solidarity to face the global challenges and maintain global economy amid the COVID-19 pandemic.

"Indonesia wants to reconfirms its commitment to join forces with G20 and international organizations in forming a unified front against this pandemic," said Minister Arifin at a virtual meeting of G20's Energy Ministers, Friday night (10/4).

All economic sectors, including the energy sectors, face tough challenges. The global energy demand has decreased due to isolation and lockdown. "Indonesia believes that energy and energy policies can become the backbone to strengthen national economic stability in facing this global pandemic. Sufficient and continuous supply of energy is needed to safeguard basic needs and other vital services amid the pandemic," continued Minister Arifin.

Recently, we also have to face the challenge of the world's falling oil prices, which also has impacted economic growth. This situation is a disincentive to energy investment, including the discovery of new energy sources and the development of renewable energy.

On the previous night (Thursday, 9th April 2020), Minister Arifin also joined the 9th Extraordinary OPEC and non-OPEC Ministerial Meeting initiated by Prince Abdulaziz bin Salman. Various initiatives were discussed in the context of maintaining the stability of oil price in the spirit of fellowship and responsibility-sharing.

In the G20 meeting, Minister Arifin reiterates that a safe supply of energy and access to affordable energy will help the global economy to recover. "All energy types must be considered according to the international commitment and the individual condition of each country. Innovative policies and flexibility are crucial during this crisis," said Minister Arifin.

The difficult situation we are currently facing must increase momentum to maintain G20's commitment in safeguarding energy security, including developing renewable energy and energy efficiency. "We must consider that renewable energy will play a key role after the Covid-19 pandemic ceases, ensuring long-term energy security," Minister Arifin added.

To conclude, Minister Arifin wishes the G20 forum can overcome the current global challenges. "I hope we can strengthen solidarity to address the global challenges. Each economy must play its part in maintaining economic stability to reduce the global crisis and in offering win-win solutions to G20 members by considering its national priorities. Indonesia wishes to collaborate globally to help recover the world's economy, reduce the pandemic impacts, and restore the stability of the global energy market," Minister Arifin concluded.

Minister of EMR's intervention was delivered in the Energy Ministers Meeting of the G20 led by Prince Abdulaziz bin Salman.

The agreement reached in the meeting is, among others, that the G20 is committed to cooperate in the spirit of solidarity to take immediate, concrete measures to deal with the current emergency situation related to the COVID-19 global pandemic.

"We are committed to cooperate in the spirit of solidarity to take immediate and concrete measures to deal with this challenge during this unprecedented international emergency period," as quoted from the joint statement of G20 Energy Ministers.

G20 also realizes the importance of making stable energy market and reliable energy security. Stable energy market must prioritize the principles of openness, transparency, and competitiveness.

The virtual meeting also agreed on the formation of a focus group tasked with ensuring coordinated response measures and corrective actions implemented to ensure the stability and the security of energy market. The focus group is voluntary, open to all G20 members, and works for a limited period as well as reports its assessment results in cooperation with relevant international organizations to the G20's energy ministers.

As publicly known, G20 is a group of the world's 20 largest economies, consisting of 19 economies plus the European Union. The main objective of G20 is to gather the leaders of the main developed and developing economies in the world to face the global economic challenges and other issues which are joint priorities. Meanwhile, Indonesia's priority in the G20 of the EMR sector is to increase access to energy in Asian region.

Saudi Arabia, who holds the G20 Presidency in 2020, invited the Energy Ministers of G20 members to join the Extraordinary G20 Energy Ministers' Meeting which was held via a virtual meeting on Friday, 10th April 2020, from 19.00 Western Indonesia Time.

Head of Bureau of Communication, Public Information Services, and Cooperation

Agung Pribadi

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