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G-8 to fight oil prices with efficiency, tech
(Agencies)
Updated: 2008-06-08 20:12 The International Energy Agency, in a report issued last week, estimated the world would have to construct 32 new nuclear power plants each year from now until 2050 as part of an effort to cut global greenhouse gas emissions by 50 percent. "I think we're on the verge of a new nuclear age and that will be a positive thing for the world," said John Hutton, British secretary of state for business enterprise and regulatory reform. Germany, however, said it would not join the effort. Jochen Homann, Germany's economics minister, said Berlin was sticking to its decision to phase out nuclear power. The G-8, China, India and South Korea also established the International Partnership for Energy Efficiency Cooperation to promote best practices in conserving energy. While the participants called for more oil production, it could take months to get a response. Production levels have been flat for three years and Chakib Khelil, the president of the Organization of Petroleum Exporting Countries, has said the group will make no new decision on output until a Sept. 9 meeting in Vienna. The ministers met amid rising concerns that soaring oil prices could trigger global economic troubles. Fanning such fears, both Japan and the United States have announced higher unemployment rates in recent weeks. "The situation regarding energy prices is becoming extremely challenging," warned Akira Amari, Japan's trade and energy minister. "If left unaddressed, it may well cause a recession in the global economy." The Sunday meeting followed a joint statement by five top energy consumers, the US, Japan, China, India and South Korea, that warned high prices were a menace to the world economy and more petroleum should be produced to meet rising demand. They argued the unprecedented prices were against the interests of both producers and consumers, and imposed a "heavy burden" on developing countries. The group, however, diverged over oil subsidies. The International Energy Agency has estimated that oil subsidies in China, India and the Middle East totaled about $55 billion in 2007. |
