Australia, US to hold talks on energy, security

US Secretary of State Hillary Clinton (R) and Australian Resources and Energy Minister Martin Ferguson pose for a photo during a news conference in Adelaide Nov 15, 2012. [Photo/Agencies]

CANBERRA - Australia and the United States will have a bilateral discussion on energy supply and security in 2013, Australian Minister for Resources and Energy Martin Ferguson said in a statement on Friday.

This bilateral discussion will be held between the Australian Department of Resources, Energy and Tourism and the US Department of State, and the first half of 2013 is a target date for the first round.

Ferguson met US Secretary of State Hillary Clinton in Adelaide on Thursday and discussed the importance of global and regional governance architecture that supports reliability and security of competitively priced supply for resources and energy importers, and creates a framework for the participation of emerging economies.

They also concluded both Australia and the United States recognize that global energy security and concerns about the climate are driving the uptake of clean and efficient renewable energy technologies.

The United States is the largest source of foreign investment capital in Australia, with cumulative investments estimated at over $550 billion in 2011, with Australia having over $400 billion invested in the United States.