The IEA welcomes the recent announcements made by the US and Chinese governments to cut greenhouse gas emissions, recognising these as key steps to get a global, meaningful agreement in Copenhagen. Both of these announced targets are in line with the World Energy Outlook (WEO) 2009 450 Scenario, that aims to limit the long-term concentration of greenhouse gases in the atmosphere to 450 parts per million of carbon-dioxide equivalent - in line with keeping the global temperature rise to around 2°C above pre-industrial levels. The US target of cutting greenhouse gases by 17% in 2020 versus 2005 compares with the projected CO2 reduction of 18% domestically in the WEO 450 Scenario. The Chinese intensity targets to cut greenhouse gas emissions by 40 to 45% by 2020 versus 2005 compares with a 47% suggested improvement in the 450 Scenario.

The International Energy Agency (IEA) has recognised the contribution of the EU energy policies in the fight against climate change but highlighted that if global temperature rise is to be kept below 2 ° Celsius, much remains to be done. This is one of the main messages of a presentation of the IEA's World Energy Outlook 2009 for European Commission high level officials, hosted by Energy Commissioner Andris Piebalgs today. The IEA's Executive Director Nobuo Tanaka and Chief Economist Fatih Birol presented the recent upheavals in energy markets and discussed their implications for EU policies. "The findings of the World Energy Outlook 2009 confirm that the EU energy and climate change policies are steering Europe firmly in the right direction. The transition toward a low carbon economy is urgently needed, not only in Europe but also globally. The findings of the report are a welcome contribution as we prepare to push for an ambitious global climate agreement in Copenhagen and as we continue to develop and implement our energy policy,' said Commissioner Piebalgs. "Over the past year, there has been a dramatic drop in global energy use, carbon dioxide emissions and energy investments," Mr Tanaka reported. "The EU and the IEA agree that in such an environment the role of governments is crucial in supporting investment and designing appropriate policies to tackle the triple challenges of the economic downturn, energy security and climate change."

"The far-reaching effects the current financial and economic crisis will have on energy security and climate change, coupled with plunging investment, demand urgent and global action to put the world on a more sustainable path. The IEA is delighted that G8 leaders have put a strong focus on these pressing energy issues and are ready to step to the forefront in mobilising this global effort", said Nobuo Tanaka, Executive Director of the International Energy Agency (IEA) after the G8 Summit leaders' declaration was issued in l´Aquila, Italy. "The G8 has recognised the need for greater investment in energy to expand employment and ensure resumption in economic growth, while also achieving reduced emissions of greenhouse gases and more secure energy supplies. At a time of widespread uncertainty, governments can and must lead the way through increased energy diversification and most importantly, improved energy efficiency, both of which can reduce oil market tightness and volatility."

The IEA shares the G8 concern that unpredictable energy markets and highly volatile prices hinder industry efforts to plan and realise new energy investment. IEA calculations show that global investment in upstream oil and gas has already been cut by 21% this year compared to 2008 - a reduction of about USD 100 billion. "To reduce excessive volatility of prices and lower investment risks, we urge governments to adopt transparent, stable policies to promote energy investment and to improve their regulation of futures markets. The IEA welcomes the G8 support for our work," said Nobuo Tanaka. "And, together we must ensure that sound long-term energy investment strategies are at the heart of every economic stimulus package".

"The Netherlands has established a sound energy policy framework addressing the key challenges: energy security, economic efficiency and environmental sustainability", said Nobuo Tanaka, Executive Director of the International Energy Agency (IEA), today in the Hague at the launch of Energy Policies of IEA Countries - the Netherlands 2008 Review. He highlighted the country's demanding energy and climate agenda, noting that it calls for a 30% reduction in greenhouse gas emissions by 2020 from 1990 levels, a 20% share of renewables in the energy mix by 2020 and annual energy efficiency improvements of 2% by 2020. "The Netherlands now faces the challenge of making its ambitious aspirations a reality."

The IEA publication acknowledges the government's efforts towards a sustainable energy future that include developing medium- and long-term policy projections, setting up concrete targets and intensifying its support for energy research and development. The report also emphasises the progress in developing competitive electricity and gas markets, and the Netherlands' role in European energy security. "Although domestic gas reserves and production are now in decline, the Netherlands maintains its key position in the gas market through enhanced trading and increased storage capacity", said Mr. Tanaka in the presence of the Dutch Minister of Economic Affairs, Maria van der Hoeven. "Security of electricity supply also benefits from the Netherlands' interconnections with neighbouring countries."

"To overcome the pressing global economic and energy challenges we face, business and government must work together. For thirty-five years, the International Energy Agency has provided a forum for governments to cooperate to find solutions, but we have not previously had a CEO-level group that focuses on both demand and supply side energy challenges and will provide feedback to IEA Ministers. That changed today, with the establishment of the IEA Energy Business Council," said Nobuo Tanaka, Executive Director of the International Energy Agency (IEA), at the first meeting of the IEA Energy Business Council (EBC) today in Paris. "I am excited to inaugurate this high-level consultative group, which I am sure will quickly produce both new ideas and tangible results," he added.

The EBC is an executive-level group with 25 members thus far who represent a wide variety of companies involved in different aspects of energy exploration, production and consumption. They range from commodities companies to automobile manufacturers to wind and solar energy producers, as well as industry associations. EBC members' operations are international. "As we look at energy markets and other global issues like climate change, it is vital to have a perspective that transcends borders. These companies offer business expertise and experience from markets around the world that will bring a new perspective as we seek to tackle challenges that affect all of us," emphasised IEA Chief Economist Dr. Fatih Birol.