SEOUL, May 13 (Yonhap) -- Policymakers from the world's leading economies that account for roughly 70 percent of all energy consumption on Tuesday called for accelerating the transition to a global clean energy economy that can help deal with climate change and energy security issues.
In a press conference held at the conclusion of the three-day 5th Clean Energy Ministerial (CEM) meeting in Seoul, Yoon Sang-jick, South Korea's minister of trade, industry and energy, said clean energy development depends of three key pillars based on finding good technology, investment and market creation.
Yoon, who hosted the gathering, said for such pillars to contribute to clean energy use, trust building among interested parties is essential.
"By building trust, market actors can reduce risks associated with developing new technologies," he said.
The minister also noted that participants of the latest CEM meeting agreed to discuss in detail issues raised by Seoul on the need to deal with different certifications, diverse regulations and government policies that favor national companies over foreign firms in the clean energy development field.
"After discussing the matter for one year, CEM will decide whether or not to adopt the issues as a formal initiative when it meets again in Mexico City for the sixth round of ministerial talks," he said.
U.S. Secretary of Energy Ernest Moniz also concurred on the need for close cooperation across the board and said that recent focus on "clean energy finance" and other measures are important to bring about progress that can allow the world to deal more effectively with global warming.
"The focus on clean energy finance and close collaboration with the private sector is part of the broader theme where if we are going to have the kind of energy transformation that we want, at the scale that we want, and at the pace that we want, we need to find ways to move large amounts of private capital off the sidelines so it can be invested in clean energy," the official stressed.
He said that the period between the CEM 5 meeting held in Seoul and the CEM 6 meeting set for next year is important because the international community will be discussing key issues related to climate change.
"Clean energy is central to the solution of climate change risks and energy security," Moniz said.
Countries around the world are moving to make collective commitments to greenhouse gas reductions at the end of 2015 in Paris. In regards to energy security, he pointed out that the recent developments in the Ukraine have highlighted the issue to a new level.
CEM 5, which gathered energy ministers and senior delegates from 22 countries and the European Commission, highlighted progress made through the ministerial collaborative initiative and announced new and expanded actions that will enhance clean energy supply, improve energy efficiency and expand clean energy access around the world.