G20 Ministers Pledge To Eradicate Energy Poverty, Boost CAPEX Amid Crisis - Statement

The G20 energy ministers have agreed to continue efforts designed to eradicate energy poverty and improve energy access to all, while also pledging to boost investment in the energy sector as it has been hit hard by the COVID-19 pandemic, the Saudi G20 Presidency said in a statement on Tuesday

MOSCOW (UrduPoint News / Sputnik - 29th September, 2020) The G20 energy ministers have agreed to continue efforts designed to eradicate energy poverty and improve energy access to all, while also pledging to boost investment in the energy sector as it has been hit hard by the COVID-19 pandemic, the Saudi G20 Presidency said in a statement on Tuesday.

"We will continue our collective efforts to eradicate energy poverty and will seek to ensure an inclusive approach that addresses the disproportionate impact of energy poverty on vulnerable populations, such as marginalized and displaced people, and ensures women are empowered to become active participants in the global energy sector," the statement summing up the results of the ministerial meeting, held on Sunday and Monday, read.

The Group of Twenty will also continue to cooperate on creating favorable conditions for boosting the capital expenditure in the energy sector as many state and private companies had to cut their CAPEX due to the economic slowdown.

Earlier in the day, UN Secretary-General Antonio Guterres said that the debt relief initiative adopted by the G20 group of nations in response to the COVID-19 pandemic fails to adequately address the impact of the crisis on the world's poorest countries.