Jaishankar flags energy market distortions at G20 meeting in Atlanta
External Affairs Minister S Jaishankar warned that deliberate attacks on energy infrastructure are being used to manipulate global prices.
External Affairs Minister S Jaishankar raised concerns regarding the increasing unpredictability and disruption of energy markets during the G20 foreign ministers’ meeting in Atlanta, US, on Friday, according to The Indian Express. Speaking at the second plenary session, Jaishankar stated that deliberate attacks on energy trade and infrastructure represent a calculated strategy to hold prices hostage.
The minister noted that market distortions caused by sanctions, obstacles, and chokepoints are occurring with more frequency and complexity. He added that these developments show a lack of concern for the difficulties faced by low-income nations. Jaishankar also highlighted that the current global energy crisis stems from unpredictability and unaffordable costs rather than a lack of production.
India has proposed a G20 Critical Minerals Circularity Initiative to address these challenges. Jaishankar called for the G20 to provide leadership by keeping energy markets predictable and widening access to finance, green hydrogen, and biofuels.
On the sidelines of the meeting, Jaishankar met US Secretary of State Marco Rubio to discuss bilateral cooperation. He also held meetings with counterparts from several nations, including Canada, Australia, Germany, Brazil, Mexico, Argentina, and Poland. Jaishankar is scheduled to travel to Antigua and Barbuda for the Commonwealth Heads of Government Meeting from November 1 to 4.