Group of Seven (G7) energy ministers said in a statement released Wednesday that they support, in principle, the implementation of proactive measures to address the global energy situation, including the use of strategic reserves.
The G7 countries are the United States, Japan, Germany, Canada, the United Kingdom, France and Italy.
The G7 energy ministers, under the French presidency, met via videoconference on Tuesday against a backdrop of heightened volatility in oil prices. Ministers discussed the impact of the Middle East conflict on the global energy market, including issues related to the security of oil and gas supply and energy prices.
The statement said G7 member states will coordinate closely with the International Energy Agency (IEA) and its members, monitor energy market trends, and prepare further measures that might be required.
Germany will release 19.51 million barrels of strategic oil reserve to deal with global energy price hikes amid the Middle East conflict, Economy and Energy Minister Katherina Reiche said Wednesday.
German petrol stations will be required to limit price increases, while price cuts can be implemented at any time. Past energy crises have shown that pump prices tend to rise quickly with global oil prices but fall more slowly, she said.
Japanese Prime Minister Sanae Takaichi said Wednesday that Japan will release some of its national oil reserve as early as March 16 to deal with a possible surge in gasoline prices, local media reported.
Speaking to reporters at the prime minister's office, Takaichi said the situation in the Middle East had effectively prevented crude oil tankers from passing through the Strait of Hormuz, raising concerns that Japan's crude imports could drop significantly later this month, public broadcaster NHK reported.
"Japan relies heavily on Middle East oil and is therefore particularly vulnerable," Takaichi said, adding that "the government will utilize its oil reserves” to ensure supply is not disrupted,
The NHK report said Japan plans to release 15 days' worth of reserves held by the private sector initially, and then 30 days' worth of government-held oil, without waiting for an international decision coordinated by the IEA.
G7 countries support, in principle, release of strategic energy reserves to stabilize supply
The Ecological and Environmental Code solidifies China's successful reform experiences in the form of law, transforming ecological conservation into a long-term national goal for the sustainable development of the Chinese nation, said a member of the Standing Committee of the 14th National People's Congress (NPC) on Thursday.
Chinese lawmakers voted to adopt the Ecological and Environmental Code at the closing meeting of the fourth session of the 14th National People's Congress in Beijing earlier in the day.
Lyu Zhongmei, also vice chair of the NPC Environmental Protection and Resources Conservation Committee, who first proposed the drafting of the code, said in an interview with China Global Television Network (CGTN) that the adoption of the code represents a milestone in transforming the country's successful reform policies into a stable legal framework, with profound implications on both national ecological governance and people's daily lives.
"I think this actually sends a very strong signal to the world. Many of our past achievements in ecological civilization system reform were reflected through policies, with numerous reform measures introduced. This time, we are institutionalizing the successful experience of those reforms in the form of law, the most authoritative and stable way to solidify them. This shows that our efforts are not just a one-off campaign. Rather, ecological and environmental protection and the building of an ecological civilization are national goals that reflect the people’s aspiration for a better life and serve the ultimate purpose of ensuring the sustainable development of the Chinese nation," said Lyu.
Lyu highlighted that the code directly enshrines China's greenhouse gas pledge and dual-carbon goals into law, demonstrating the country's concrete actions to fulfill its international responsibilities and uphold its image as a responsible major country.
"We have directly written the commitment to fully meet greenhouse gas targets into the code, and incorporated pledges to use the 'dual carbon' goals as a driving force to advance a comprehensive green transformation of economic and social development. I think this reflects our concrete actions to honor our commitments and take responsibility to the international community, demonstrating China’s image as a responsible major country," she said.
On the topic of global trade, she explained how the code will help safeguard China's interests.
"On the one hand, we are raising standards for the green and low-carbon transition and adopting market-based measures. Some of the standards we have established based on China's actual situation and the methodologies we have created can contribute China's experience and expertise to the world. On the other hand, the Ecological and Environmental Code also includes provisions on extraterritorial application and establishes China’s own system of environmental protection standards," Lyu said.
Looking to the future, she discussed the code's role in the 15th Five-Year Plan period (2026-2030).
"During the 15th Five-Year Plan period, I believe our ecological and environmental protection will undergo fundamental changes. In the past, it relied more on strict administrative enforcement and control. But now, while not lowering strict control standards or reducing strict control measures, we must also introduce more incentive-based measures. Strict regulation will push enterprises to transform and encourage them to pursue environmental protection. The code will provide a clear, long-term and stable norm. In my view, the Ecological and Environmental Code is not only a 'tightening band' that constrains corporate behavior, but also an 'engine' that opens up new tracks for enterprises’ future development," she said.
China's ecological environmental code represents milestone in environmental rule of law
