Tokyo, July 03: Leaders of the G-8 industrialised
countries will unveil policies and expand investment in the
renewable energy sectors to help solve both energy security
and climate change issues, a draft statement shows.
The pledge will be contained in the leaders' statement
on energy security to be adopted at the G-8 summit to be held
in the central Italian city of L'Aquila from July 8 to 10.
"Fostering investment in energy infrastructure, energy
efficiency, diversification of the energy mix and
technological innovation is key to granting secure, clean and
affordable energy to long-term world needs, while
substantially curbing carbon emissions," says the document, a
copy of which was obtained by Kyodo News.
The leaders from Britain, Canada, France, Germany,
Italy, Japan, Russia and the United States acknowledge that
"The current financial and economic crisis, however, is
delaying investment, leading to the cancellation of a number
of energy projects and affecting energy security," it says.
"We are committed to promoting the recovery, together
with a significant change in investment patterns, in order to
accelerate the transition toward low-carbon development
models and avoid the risk of technological lock-in."
Energy efficiency "is the most abundant and inexpensive
means of reducing greenhouse gas emissions while
substantially improving energy security," the document says.
"We commit to design and implement effective policies
in our countries to improve energy efficiency in all the main
sectors of the economy," the document says.
Renewable energy sources, such as solar, wind,
geothermal and biomass will play "an essential role, as they
meet the dual challenge of reducing greenhouse gas emissions
and lowering fossil-fuel consumption and dependence," it says.
"We will therefore improve policy and regulatory
frameworks in order to boost investment in mature renewable
energies and promote their deployment and diffusion also in
emerging and developing countries," the G-8 leaders will say.
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They will also vow to promote the development of smart
grids, a next-generation power transmission network, "to
accelerate the efficient and secure integration of renewable
energy sources into the electricity system and to engage
actively the demand side in enhancing energy efficiency."
But the leaders will acknowledge that "despite effective
diversification strategies, fossil fuels will continue to be
an essential component of the energy mix in many countries,
developed and developing, at least in the medium term."
"The development of innovative technologies such as
carbon capture and storage (CCS) will therefore constitute an
essential contribution to tackle climate change," it says.
The G-8 countries "will accelerate the design of policies
and regulatory frameworks focused on the development of CCS
technology."
Bureau Report