**Check against delivery
In attending this important conference in Rome, we all understand that the economic and financial crisis has the potential to seriously impact long term energy infrastructure investment plans, and as such future energy security, including the development of cleaner and alternative energy technologies.
While energy demand has softened, it is forecast to return quickly, particularly in the Asia Pacific region in response to rising incomes, urbanisation and transport demand.
Accordingly, there is a need for significant investment in energy projects and associated energy related infrastructure.
Energy security and access to reliable supplies of energy will be a key geopolitical consideration during the coming century.
Being a small open economy, Australia seeks to attract foreign investment to help develop our energy resources. As such, we are mindful of the need to provide a stable regulatory environment to attract capital, which is just as important as price considerations.
Furthermore, Australia is committed to remaining a reliable and secure source of energy resources to our valued trading partners.
It is important to bring forward energy projects in coming years to ensure adequate supply when the upturn in global economic growth arrives.
The energy sector is vitally important to the global economy and there is no doubt it will make a major contribution to help us grow out of the current global financial crisis.
Those which have the foresight to prepare now for the inevitable return to global growth will be in the best position to reap the rewards of such growth.
Australia is uniquely placed, having significant quantities of LNG, uranium and coal, to comment on the need for investment in energy projects that can help provide energy security.
We also have the capacity to facilitate research and development into key sources of renewable energy.
However we must not underestimate the challenge of bringing forward the significant investment needed in energy projects.
In light of the global financial crisis, there may be a tendency for providers of capital to withdraw to their home markets when looking for investment opportunities. Such a course of action would be a major global mistake.
Energy security requires capital, regardless of its source, to be directed to energy projects. These projects are likely to be geographically separated from the source of the capital.
To ensure that capital providers are willing to invest, business needs regulatory certainty when making investment decisions in long life, capital intensive projects. Alongside certainty, proper market signals are needed to ensure capital is allocated to where it is most attractive.
A global energy market characterised by free and open energy trade, secure and transparent investment framework, market based price signals, and effective competition can make a significant contribution to global energy security.
I note that Australia is reluctant to support specific controls on financial transactions in the oil market. However, we do rigorously support more transparent and efficient financial arrangements that assist the flow of investment capital.
Information exchange on future demand and supply trends in producer and consuming countries and promoting transparency in energy markets, such as through the Joint Oil Data Initiative, are important contributors to this requirement.
Multilateral institutions need to also ensure that their policy work adds value to contemporary energy security and policy development.
In conclusion, can I reaffirm that progress is needed in these areas to ensure adequate investment. If the necessary investment doesn't occur, it will be consumers, both businesses and individual households, who will pay the price through supply shortages and volatile prices, with a consequent impact on quality of life.