The EU and Japan have decided to establish an EU-Japan energy security dialogue on the global liquefied natural gas (LNG) architecture in order to further their energy cooperation.
The EU and Japan have decided to establish an EU-Japan energy security dialogue on the global liquefied natural gas (LNG) architecture in order to further their energy cooperation.
In order to strengthen the strategic energy partnership between the EU and Japan, the dedicated dialogue will centre on three pillars: global supply security, market transparency, and reduction of methane emissions in the LNG supply chain. The parties got together today while in Tokyo for the 2023 LNG Producer Consumer Conference.
Following the EU-Japan Summit on July 13, 2023 in Brussels, the decision was made to start this dialogue. The leaders of the two biggest LNG importers concurred to intensify collaboration in order to create safe and open global LNG markets and lower methane emissions in line with the Global Methane Pledge.
The conversation aims to work together on a global early warning system for the security of the LNG supply globally. To prevent and address energy crises, the EU and Japan will draw on their decades of experience in the development of resilient energy security policies.
The EU will share its security framework, which was bolstered during the supply shock of 2022 and is supported by AggregateEU and a pan-EU gas storage policy. The International Energy Agency (IEA) will also interact with Japan and the EU, and they will participate in discussions about the IEA’s role in the gas industry.
The parties agree that future global LNG architecture should take into account energy market transparency as it is essential for supply security. For greater regional data exchange, which will improve energy security.
Since 2022, the EU has increased transparency in LNG terminals, price indices, and gas storage using European Transparency Platforms and the ACER LNG benchmark. The EU is a global leader in providing comprehensive information on electricity and gas systems.
In accordance with the Global Methane Pledge and the Joint Declaration from Energy Importers and Exporters on Reducing Greenhouse Gas Emissions from Fossil Fuels, the EU and Japan will continue working together to reduce methane emissions.
Through this framework, they will collaborate on the monitoring, reporting, and verification of methane emissions as well as the promotion of mitigation strategies, improving global energy security in the process.
The dedicated EU-Japan dialogue project is a step in the direction of a safer and more sustainable energy future. The EU and Japan are showing their dedication to locating international solutions to international problems by cooperating. Other partners who support the initiative’s goal of a safe and sustainable energy future are welcome to collaborate with it.
The energy crisis of 2022 made clear the need for an international response to guarantee the accomplishment of both energy security and decarbonization goals based on shared values and a commitment to multilateralism.
Japan expressed support in response to requests to divert LNG to Europe and worries about natural gas shortages in the EU as long as the security of its own supply was ensured. In order to provide the necessary support based on the G7 Communiqué, the EU and Japan will continue to support initiatives to ensure global energy security and will look into opportunities for closer cooperation on supply security and flexibility issues.