The Prospective Roles of the 2015 International Energy Charter to The MENA Region with Influence in its Energy Laws and Policies

Abstract

The 2015 International Energy Charter (IEC) is of utmost universal importance as a guiding policy framework to both energy producing countries and consumer states. This article examines the prospects of the Charter and how it can help the Middle East and North Africa (MENA) maximize energy resource opportunities by refining its energy laws and policies through taking proper consideration of the current normative global rules and articulated future requirements encapsulated in the Charter. Firstly, it makes a synopsis of the current situation in the MENA region. The article evaluates the possible roles of the IEC on energy trade for the region. It discusses how a better global energy cooperation can be fostered using the apparatus of the Charter. It also discusses the overriding objectives of sustainable development, energy efficiency and environmental concern that the Charter can bequeath on the region, which issues form formidable considerations of the 21st century energy industry. It finally concludes by analyzing the universality and superiority of the Charter to MENA and all countries.

Keywords: Middle East and North Africa (MENA), MENA Region, Energy Laws and Policies, 2015 International Energy Charter, Sustainable Development, Energy Security, Environmental Protection, Global Energy Cooperation, Energy Trade

JEL Classification: Z