G8 Plus Three Agree To Promote Energy Efficiency For Stable Market

The Group of Eight developed member nations and China, India, South Korea agreed on Sunday to step up efforts for energy efficiency so as to lower global market demands and cut greenhouse gas emissions.

Energy ministers from the G8 and the three Asian countries, which were invited to take part in broader discussion over energy-related issues, jointly issued a declaration on concluding their meeting in northeastern Japan's energy capital of Aomori, announcing the establishment of the International Partnership for Energy Efficiency Cooperation, a new framework aimed at facilitating energy-saving measures and transfer of related technologies.

The ministers believed that energy saving and efficiency is one of the quickest, greenest, and most cost-effective way to address energy security, climate change, and ensuring economic growth, according to the declaration.

Under the new framework, which provide a forum while setting no goals for the participants, the G8 plus three nations and potential participants will enhance cooperation and exchange information on environment-friendly technologies for united efforts over cut in oil demands and emissions.

From this point of consideration, energy efficiency is in the common interests of both developed and developing nations, the ministers said.

During discussion for the final version of the document, developing countries including China strongly called on rich nations to facilitate the transfer of environment-friendly technologies and help developing countries reform their traditional way of production.

Japanese Economy, Trade and Industry Minister Akira Amari described the issues of climate change and energy as two sides of the same coin and proposed united solutions.

The ministers said promotion of energy efficiency both in supply and demand chain is a necessary prerequisite for enhancing energy security and mitigation of climate change while supporting economic growth in a cost-effective manner. They agree to work together on green and renewable energy, innovative energy technologies and the development of nuclear energy.
In addition to energy efficiency, high oil prices also dominated agenda of the one-day meeting.

In his opening address, host minister Amari said the current unprecedented and abnormally high oil prices could lead to a recession of the world economy if no action were taken.

As all the ministers agreed that the current level of oil prices are out of normal range and shared serious concern over it, their explanation for reasons behind it diversified.