IEA Cites Progress on Regulatory Reform, Warns that Unwanted Climate Change Continues

(Paris) — 3 January 2002

The International Energy Agency (IEA) today published its review of Energy Policies of IEA Countries for 2001. The review is an essential source of information and analysis of energy policy and market developments in the Member countries of the IEA. The study looks at the major trends in the energy markets, notably the volatility and strength of oil prices during the second half of 2000 and the first half of 2001. It notes that the agreement reached on climate change in Bonn in July 2001 sets the stage for ratification of the Kyoto Protocol, but without the participation of the United States.

The review also notes that the past decade has seen a steady increase in greenhouse gas emissions in most OECD countries and that climate change policies enacted to date have failed to substantially alter the global trend. Energy Policies of IEA Countries notes that in many Member countries, reform in the electricity and gas markets continued strongly last year. It analyses the electricity supply crisis in California and concludes that a well-designed reform programme is essential for the successful introduction of competition. The report includes in-depth reviews of the energy policies of Australia, Belgium, the Czech Republic, New Zealand, Spain and Turkey. Shorter reviews of policy developments in Finland, Hungary, Ireland, Italy, Japan and Switzerland are also included. Each Member country is reviewed in depth every four years. The report also features reviews of developments in selected non-Member countries including China, India, Russia and Saudi Arabia.

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