Taking into consideration the alert on "Code Red for Humanity", as defined by UN Secretary-General António Guterres in his statement on the Sixth Assessment Report of the Intergovernmental Panel on Climate Change, understanding the need for immediate actions to implement the European Green Deal, and being conscious and aware of climate change impact on the European and the global economies, possibly dwarfing the unprecedented energy crisis, and noting the most severe, for the last few decades or even centuries, heat waves and droughts occurring in various parts of the world, the International Energy Charter Industry Advisory Panel (IAP) members call for developing and implementing more coherent, comprehensive, coordinated, and caring energy policies and targeted measures worldwide. The IAP members acknowledge the need for global mobilisation of unprecedentedly large but rationally spread investment in energy security, energy efficiency and renewable energy sub-sectors. These investments are required to meet today's demand and ensure a safe, fast and clean transition targeting a carbon-neutral global energy system in line with the Paris Agreement commitments.
In this context, the IAP members welcome the outcomes of the Ad Hoc Meeting of the Energy Charter Conference, which took place on 24 June 2022, on the modernisation of the Energy Charter Treaty (ECT). The IAP encourages the ECT's ambitious modernisation process and believes the Energy Charter process should stick to its core principles to diligently and efficiently address the above crucial challenges diligently and efficiently.
Remaining conscious and aware of the ECT's value and fully recognising its successfully progressing modernisation process, the IAP rests at the Energy Charter Conference's disposal to support it and address the mentioned challenges in the most efficient and fastest manner.
The IAP notes the Contracting Parties reaching the agreement in principle on the modernisation of the ECT, as outlined in the Public Communication, explaining the main changes contained in the agreement (CCDEC 2022 10 GEN). The IAP believes that the modernised ECT, once approved and ratified, will establish an improved international legal framework to protect sustainable energy investment, trigger the industry decarbonisation process and promote the clean energy technological transition. As was declared by the Panel members before, the purpose of the modernised Treaty is to sustain and expand fundamental principles ensuring the value of the ECT as an instrument for the promotion and protection of energy investment, trade and transit.
The ECT modernisation process is approaching its culmination, providing the IAP with an opportunity to undergo a transformation and restructuring process itself. The IAP will consider revising its Terms of Reference, adjusting its functions and activities, and modifying the scale and scope of the Panel's outputs. For this, the Panel developed its mid-term strategy, which was discussed by the members and will be finalised and approved at the next IAP Meeting. The IAP will implement the mid-term strategy starting in 2023. The new strategy assumes a more substantial commitment by its members, the geographic expansion of the membership, the introduction of new executive positions, and the provision of a broader range of research and analytical services within and outside various task forces.
As needed, the IAP members stand ready to engage with all the stakeholders and look for new opportunities for more intensified participation in the Energy Charter Process.