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AOMORI, Japan: Eleven nations that guzzle nearly two-thirds of the
world’s energy voiced concern Sunday over record oil prices as
host Japan warned the world could plunge into recession.
The statement came after energy
ministers from the Group of Eight (G8) industrial powers met in the
northern Japanese city of Aomori —first on their own, and then
with officials from China, India and South Korea.
“The 11 countries shared
concern about the soaring crude oil prices,” Japan’s Energy
Minister Akira Amari, the host of the meeting, said, reading from a
joint statement.
He said the countries also agreed
to set up a new framework—called the International Partnership for
Energy Efficiency Cooperation (IPEEC) —under which they can share
ideas about how to save energy.
“If we leave this situation as
it is, it could lead to a recession of the world economy,” Amari
said earlier in his opening address.
“Ensuring energy security,
including stability of the oil market, has become one of the top
priorities for every country,” he said.
The meeting came after oil prices
on Friday posted their highest ever one-day gain of nearly $11,
hitting a new record of $138.54 a barrel in New York trade.
Oil prices have soared five-fold
since 2003 due to a variety of factors including turbulence in the
Middle East and rising demand in emerging economies such as China
and India.
The European Union’s Energy
Commissioner Andris Piebalgs warned that high oil prices were a fact
to be reckoned with and that major economies needed to come up with
alternative energy.
“The era of cheap energy seems
to be over and no economy should gamble on a potential return to low
prices,” Piebalgs said.
“It is far better to make the
right investments in clean, efficient energy technology and energy
resources now and to reap the benefit later.”
The G8 groups Britain, Canada,
France, Germany, Italy, Japan, Russia and the United States.
The talks in Aomori, a hub of
Japan’s nuclear energy industry 600 kilometers (370 miles) north
of Tokyo, were one of a series of meetings leading up to the G8
summit on July 7 to 9, when climate change is expected to be a top
issue.
Amari said that the 11 nations
meeting in Aomori together consume 65 percent of world energy while
also releasing 65 percent of the carbon dioxide emissions blamed for
global warming.
“Climate change and energy
issues are two sides of the same coin,” Amari said. “It is
indispensable to solve these problems together.”
“What action we take amid the
current hardship will greatly affect the solution to the world’s
energy problems,” he said, adding he also expected in-depth
discussions on energy saving and innovative technology.
Lawmakers from US President
George W. Bush’s Republican Party on Friday blocked a bill before
Congress that would have forced major curbs by industry in
greenhouse gas emissions.
Republican senators said the
“cap-and-trade” legislation would cause more hardship for an
economy already struggling to cope with record oil prices.
The United States is the only
major industrial nation to reject the Kyoto Protocol mandating
emission curbs. Japanese Prime Minister Yasuo Fukuda is expected
Monday to announce a cap-and-trade system to help the country come
up to speed in meeting its own commitments.
The 11-nation talks came a day
after the United States and Asia’s four largest powers in a
separate round of talks supported a gradual reduction in politically
sensitive fuel subsidies.
China and India, however, made
clear they would not act soon, fearing repercussions for the most
vulnerable segments of society.
--AFP
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