We, the Heads of State and Government of the Group of Fifteen, meeting in Caracas, Venezuela, on February 27-28, 2004, in accordance with our commitment to reduce poverty and contribute to the economic and social development of our countries, have adopted the Caracas Declaration on Energy and Development;

Aware of the importance of the energy sector in the economic and social development of the Group of Fifteen member countries, and the potential to improve the quality of life of our people;

Conscious that a sizeable portion of the world's population in the developing countries does not have access to efficient, reliable and affordable forms of energy; Concerned about the situation of global energy markets, and the fundamental interests and requirements of both energy producing and energy consuming developing countries;

Recognizing the importance of incorporating incentives to promote energy efficiency and stimulate the utilization of renewable energies; We affirm our commitment to design, develop and implement programs and projects for cooperation and collaboration among member countries.

We support ongoing international dialogue to bring about an in-depth evaluation of the global energy situation. We agree on the need to develop concrete intra G-15 programs and actions aimed at fostering development of the energy sector, including through promotion of public and private investments, in accordance with national laws and development priorities, and also enhancement of trade and exchange of technologies to increase efficiency in the use of energy.

We seek to carry out mutual cooperation in human resources development and capacity building in the energy sector; exchange of experience and information; promotion of investment and partnership; resource mobilization to develop energy projects; development of renewable energies; institutional cooperation; upholding collaborative dialogue on development of specific programs and action plans; technology transfer; trade in energy; research and development; and integration of energy markets.

We welcome the offer of the Bolivarian Republic of Venezuela, to host, during 2004, a G-15 meeting of Energy Ministers that would allow the development of programs and projects to fulfil the spirit of this Declaration.

Caracas, 28 February 2004