EU-US beef up cooperation on energy

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Among a large host of issues the EU US summit backed new enhanced energy dialogue to promote cooperation on climate change, energy security and cleaner technologies.

A warning from the Saudi ambassador to the US, Prince Turki Al-Faisal, that an Iran-war could send oil prices spiralling to triple the current already high level of 70 dollars per barrel, seemed an appropriate backdrop for the 21 June EU-US summit to announce a beefed up transatlantic energy cooperation.

The Summit declaration urges Iran to “take the positive path” but warns that if it does not, “further steps would be taken in the Security Council.”

The issue of energy is covered by a separate chapter in the summit declaration. It establishes the “EU-U.S. High Level Dialogue on Climate Change, Clean Energy and Sustainable Development”. Among the goals, EU and US will “encourage the most economic and efficient use of energy worldwide notably through the use of market-based instruments to minimise negative environmental consequences, and should promote in particular the use of cleaner and more efficient use of fossil fuels and the development of economically competitive non-fossil energy sources.”

Another goal is to “improve energy security by enhancing the dialogue with the main transit, producer and consumer countries and by promoting diversification of energy sources” 

There will be an annual strategic review of this new EU-US energy cooperation.

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