The leaders of the 21 Asia-Pacific Economic Cooperation (APEC) economies have endorsed a U.S. initiative to enhance energy security in the Asia-Pacific region by expanding trade in natural gas, promoting investment and research in alternative fuel sources, and establishing a real-time information sharing and coordination system to respond to emergencies.

October 21, 2003

Presidential Action

-- President Bush and the other APEC Leaders endorsed today an Action Plan to Enhance Energy Security in the Asia-Pacific Region.

APEC Energy Action Plan: APEC Leaders launched today a U.S.-driven initiative to enhance the region's energy security by committing to:

-- Expand the trade of natural gas, particularly liquefied natural gas (LNG), by creating an on-line Gas Market Data System and sharing of best practices. APEC members account for 62 percent of the world's natural gas production, 56 percent of its consumption, and 56 percent of its exports. The Asia-Pacific is the heart of the global LNG market, with half of the world's exports and 70 percent of imports.

-- Strengthen energy emergency response planning and establish a real-time information sharing and coordination system. Leaders also committed to the continued development of strategic oil stocks and other response mechanisms.

-- Promote investment in clean and efficient energy sources and technologies in cooperation with the private sector and financial institutions.

-- Identify opportunities to develop hydrogen and fuel cell technologies and cooperate with the International Partnership for the Hydrogen Economy, a U.S.-led initiative that aims to put competitively priced hydrogen cars on the market by 2020; and

-- Promote collaborative research on methane hydrates, an important future source of natural gas.