'Attack on energy trade, infrastructure a calculated move to hold prices hostage': Jaishankar

Washington: External Affairs Minister S Jaishankar criticized disruptions in global energy trade through sanctions and chokepoints, asserting that deliberate attacks on energy supply and infrastructure were a calculated tactic to maintain high prices. Addressing the G20 Foreign Ministers' Meeting in Atlanta, Jaishankar emphasized that the world is facing an energy crisis not due to a lack of production, but due to unpredictability, disruption, unaffordable costs, and access challenges.

He highlighted that the G20 must demonstrate both understanding and leadership to keep energy markets open and predictable. Jaishankar stressed that the increasing frequency, complexity, and widespread impact of disruptions due to obstacles, sanctions, and chokepoints are a matter of growing concern, particularly for low-income nations.

He criticized the selective distinctions between oil and gas and reiterated that the interconnected nature of the global market means that knock-on effects of disruptions should not be underestimated. Jaishankar reaffirmed India's need for reliable and predictable LPG supplies for its clean cooking initiatives and announced India's proposal for a G20 Critical Minerals Circularity Initiative, aiming to enhance access to finance and promote storage, small modular reactors, green hydrogen, and biofuels.