The IEC is a political declaration geared towards boosting global energy co-operation. The document was hammered out during several rounds of talks held in Brussels last year and represents an update to the 1991 European Energy Charter declaration that involved a smaller group of countries.
National ratification of the IEC will be viewed as a first step in acceding to a legally binding Energy Charter Treaty, which comprises a targeted set of rules on energy trade, investment, transit, and energy efficiency.
Several countries announced last week they would start the process of accession to the Energy Charter Treaty. The treaty is currently ratified by 47 countries.
New aspects of the IEC, in comparison with its 1990s’ European antecedent, are designed to address emerging challenges facing the sector such as the liberalisation of international trade in energy, energy efficient markets, promoting energy investments, energy access, nuclear safety, and environmental protection.
Available at: http://www.ictsd.org/bridges-news/biores/news/international-energy-declaration-adopted-at-hague-conference