Assistant Secretary Pyatt: The trade and investment ties between Japanese and American energy companies go back decades, and there is great prospect for the future cooperation between our countries as we move into an era in which energy is increasingly defined not by carbon molecules but by electrons and the energy transition and the renewable power that will come with that transition.
We had a rich conversation today about the innovation and investment that is happening in Japan in areas like hydrogen, battery storage, offshore wind, and the potential for Japan and the United States to do much more together in these areas as we work towards our shared goal of a net zero carbon economy.
We also talked about our cooperation on civilian nuclear power and the important role that Japan is playing in the American effort to lead the worldwide deployment of small modular reactors.
Finally, we talked about our shared commitment as members of the G7 to helping Ukraine build resilience and recover in its energy economy in the face of Vladimir Putin’s relentless attacks on civilian objects as part of his military campaign in Ukraine.
This is my second meeting with [Director General Minami] in only about two months as Assistant Secretary of State for Energy and that reflects my personal commitment to the partnership between the US and Japan in these areas. But as Japan moves into its G7 presidency here, I’m confident that there’s even more for us to do together, and I’m very excited about the prospects for both of our countries in that regard.
I’m happy to take one or two questions. I know we don’t have a lot of time.
Press: (Inaudible question about the Energy Security Dialogue and decarbonization.)
Assistant Secretary Pyatt: The most important accomplishment of this meeting is the commitment that we have on both sides to continue using our government resources to do all that we can to accelerate energy transition and to build security and resilience in our energy economies for our citizens. This is a uniquely dynamic moment in the global energy economy, and for the United States our cooperation with Japan is fundamental to the success of our global effort to accelerate energy transition while ensuring that our citizens have the energy that they need for their daily lives.
Press: So I suppose (inaudible) G7 member nations, and we understand that there will be a price cap placed on the Russian people starting with the fifth of December. Do you think this (inaudible) will be (inaudible) and it will be instructional there (inaudible) the prospect between (inaudible)?
Assistant Secretary Pyatt: Thank you for the question. I have spent the past week traveling from Washington to Europe to Tokyo, and this issue has been in the atmosphere on every stop. We are very grateful for the strong cooperation with Japan on all of these issues created in the aftermath or Russia’s invasion of Ukraine and its weaponization of its energy resources.
The goals of the G7 Price Cap Initiative are two-fold. To minimize the resources which Russia gains from its crude oil exports which is money that it uses to pay for the missiles that it is sending against Ukrainian cities, Ukrainian citizens, hospitals, schools, children. While also avoiding any more disruption of an already severely disrupted global energy market.
The specific price, that negotiation is now inside the European Union. It’s going on in Brussels as we speak. But I am confident that there will be an agreement reached and as a G7 we will continue to stand together both to demonstrate our support for Ukraine as President Biden says, as long as it takes, but also to ensure the maximum possible energy security for all of our citizens.
Thank you very much.