The G7 Energy summit which took place on the 5th-6th May 2014, had the main aim of setting a common energy policy in order to ensure a reliable, diversified and economically sustainable energy supply on a worldwide scale. The main statement considerations regarded the need to address energy security challenges of developments in Ukraine as a consequence of Russia’s violation of Ukraine’s territorial integrity. Consequently to this the need to improve energy security at national, regional and global levels supporting Ukraine in its energy security. In order to do so an involvement of energy security strategies such as the development of flexible, transparent and competitive energy markets, including gas markets, are necessary. Furthermore, further measurements could be the improvement of the infrastructure, set up emergency response systems in case of major energy distribution and the reduction of greenhouse gas emission accelerating the transition to a low carbon economy.
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