G20 energy ministers emphasise importance of stimulus packages

G20 energy ministers reaffirmed a commitment to "ensure that the energy sector continues to make a full, effective contribution to overcoming COVID-19" and recognised actions by both producers and consumers to stabilise energy markets.

"We emphasise the importance of stimulus packages to stimulate inclusive economic activities," G20 energy ministers said in a joint statement on Tuesday.

The ministers concluded a two-day meeting late on Monday, endorsing the circular carbon economy (CCE) platform and its "4Rs" framework.

They said they will continue to work together to create the conditions for sustained capital investments, including bolstering investments in innovation and a skilled work force.

Saudi Arabia, which holds the G20 presidency in 2020, has been advocating the circular carbon economy as a way to develop a system where carbon emissions are reduced, reused, recycled and removed, as well as used in other industries to boost the economy.

Through this program, the world's biggest oil exporter wants to ensure that it can use its vast hydrocarbons resources for decades to come amid a rising tide of environmental activism and a shift away from fossil fuels.

Carbon capture and trading schemes are emerging all over the world as governments try to meet targets to reduce greenhouse gas emissions in the fight against global warming.

The impact of climate change has shot up the list of Saudi Arabia's priorities as the kingdom is hosting the Group of 20 (G20) leading economies in 2020 and as state oil giant Aramco is now a listed company.