Joint statement between Executive Director Birol and Minister Bowen

Issued by:

• The Hon Chris Bowen MP, Minister for Climate Change and Energy
• Dr Fatih Birol, Executive Director International Energy Agency.

Today Australia’s Minister for Climate Change and Energy Chris Bowen and International Energy Agency Executive Director Dr Fatih Birol discussed the ongoing global fuel crisis, and efforts being taken by IEA member countries to address impacts. They emphasised the opportunity for clean energy and electrification to shield against future shocks.

Dr Birol welcomed efforts by Australia and others in the Indo-Pacific region to work collaboratively to meet fuel and energy needs of countries, including trade of fuel, LNG and fertiliser.

Dr Birol also welcomed Australia’s efforts to increase energy security through the recent Australian Fuel Security and Resilience Package, which includes establishing a permanent government owned Fuel Security Reserve, lifting the Minimum Stockholding Obligation, increasing the supply and storage of fuel, and studies on expanding domestic fuel refining. Together these measures will improve Australia’s fuel security.

Following the recent release of the IEA’s World Energy Investment 2026, they discussed how the Middle East conflict is impacting investor certainty worldwide and that confidence in global fuel supply routes will likely remain suppressed well after the conflict has ended. While global energy investment continues to increase, countries are seeking to diversify geographic supply and accelerating the shift towards energy sources available domestically including renewables.

They noted that over two thirds of total global power generation spending is already going towards renewables, and the current shock is driving renewed efforts by countries to electrify their economies, with solar and wind playing key roles, as they seek greater energy security.

The Executive Director and Minister Bowen discussed the regional impacts of the disruption to fuel supply chains, including in South-East Asia and the Pacific, and affirmed the importance of open-markets and rules-based trade of energy products.

Noting the IEA’s close involvement with various COP presidencies in support of key initiatives in recent years, both sides discussed Australia’s priorities as President of Negotiations for COP31 and agreed to continue to work together to support a focus on electrification as an enabler of the energy transition, and energy security more broadly.