Recommends Steps to Improve Energy Security, Enhance Trade, and Boost Economic Growth
The U.S. Chamber of Commerce today released a white paper focused on improving transatlantic energy cooperation, outlining several policy recommendations that both the U.S. and the EU should take to boost economic growth, increase efficiency, and strengthen energy security on both sides of the Atlantic.
The report’s release coincides with the latest meeting of the EU-U.S. Energy Council of senior government officials in Washington.
The white paper, titled “A Transatlantic Approach to Europe’s Energy Challenges,” offers six policy recommendations to improve energy policy in both the U.S. and the EU, including: eliminating remaining barriers to energy trade; accelerating European efforts to develop a more competitive energy market and more reliable energy infrastructure; harnessing indigenous European energy supplies; prioritizing competitiveness and affordability in investment decisions; promoting cooperation between businesses and governments in policy development; and enhancing transatlantic trade and R&D cooperation.
To bolster future energy and economic growth in the U.S. and Europe, the report encourages the implementation of measures such as the Energy Policy Modernization Act currently pending in Congress, which would ease the exports of liquefied natural gas, and the timely conclusion of an ambitious Transatlantic Trade and Investment Partnership (TTIP) agreement.
The paper also frames the North American energy revolution, spurred by technological innovations, as a model for the EU as it works to improve its energy market and create a functional and integrated Energy Union.
“The United States and Europe have a bright future ahead. As both countries work to promote competitiveness and create jobs, a robust energy strategy is essential and should serve as the foundation for achieving those goals,” said Marjorie Chorlins, vice president for European Affairs for the U.S. Chamber of Commerce. “With trillions of dollars in trade and investment shared between the U.S. and the EU, making comprehensive progress on common challenges is critical to improving the economic outlook on both sides of the Atlantic.”
This paper is part of the U.S. Chamber of Commerce’s European Energy Initiative, a multi-year effort to advocate for a pro-growth energy strategy which leverages transatlantic cooperation to ensure adequate, reliable, and cost-effective energy supplies in Europe.
The white paper can be viewed online in its entirety here.