India flags global energy disruptions caused by sanctions and chokepoints
Speaking in Atlanta, the External Affairs Minister highlighted the growing impact of energy market distortions on low-income countries and India
External Affairs Minister S Jaishankar expressed deep disapproval of disruptions in global oil supplies brought about by sanctions and chokepoints, describing deliberate attacks on energy trade and infrastructure as a strategic move to control prices. During the G20 Foreign Ministers' Meeting in Atlanta, Jaishankar emphasized that the world is currently facing an energy crisis not due to insufficient production but because of unpredictability, disruptions, unaffordable costs, and access challenges.
He highlighted that the G20 should display understanding and leadership to maintain open and predictable energy markets. Jaishankar pointed out that there is a growing frequency, complexity, and wide impact of continuous distortions in energy markets through obstacles, sanctions, and chokepoints. He stressed that there seems to be little regard for the situation of low-income countries.
Jaishankar also noted the distinction being made between oil and gas, stating that selective exemptions are evident. He reiterated the importance of considering the knock-on effects and interdependence in a globalized market. India's National Mission on critical minerals, covering exploration to recycling, as well as its proposal for a G20 Critical Minerals Circularity Initiative, were mentioned.
Jaishankar called for the G20 to widen access to finance and advance storage, small modular reactors, green hydrogen, and biofuels.
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