The Minister for Resources and Energy, Martin Ferguson AM MP, has officially welcomed delegates to the APEC Energy Trade and Investment Roundtable in Cairns, Queensland.
The objective of the Roundtable is to explore ways for APEC members to improve the efficiency of their energy market, address barriers to trade and investment, and respond to the challenge of energy security in a sustainable way.
APEC brings together the world's largest energy producers and consumers. This creates an unprecedented opportunity to promote well-functioning markets to advance the supply of adequate, reliable and affordable energy throughout the world because better markets mean better-informed investment decisions.
"As the world's largest exporter of coal, second largest exporter of uranium, and sixth largest LNG exporter, Australia is one of the world's energy superpowers.
"That comes with the weight of enormous responsibility because energy security is vital to underpin the continuing economic growth of our neighbours in the Asia Pacific.
"It also comes with the responsibility to be part of the solution to the environmental consequences of that economic growth in the context of climate change and pollution pressures.
"While our LNG and uranium exports as well as our renewables are part of that solution, no response to climate change and pollution can ignore the need to clean up coal which supplies about 40 per cent of the world's electricity and will continue to do so for decades to come.
"That is why Australia is committed to the establishment of the Global Carbon Capture and Storage Institute to demonstrate large-scale low emissions coal projects as soon as possible."
According to the Asia Pacific Energy Research Centre, meeting the energy demand of the APEC region will require new investment of at least US$6 trillion to 2030.
Minister Ferguson said: "Open and transparent trade and investment frameworks - underpinned by our democratic principles and commitment to strong governance arrangements - are the key to continuing investment confidence in Australian energy resources.
"Despite the current global credit squeeze, this is no time for isolationism or a retreat from competitive markets and good governance.
"The success of peaceful globalisation in the 21st century will rest on the free flow of capital, skills and labour, and open engagement within the community of nations."