Asian leaders make energy pledge |
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Published
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Mon, 15 Jan 2007 09:01
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CEBU, Philippines (XFN-ASIA) - The leaders of 16 Asian countries have pledged at a summit meeting here to work together to save energy and develop new supplies in order to cut the continent's reliance on expensive oil imports.Winding up a half-day summit, they signed an energy accord vowing to reduce dependence on fossil fuels, develop alternatives such as biofuels, open up their energy markets and work to cut back greenhouse gas emissions.While the pact does not set target dates, and largely repeats a similar statement they issued at the last East Asia Summit in December 2005, the leaders underlined the importance of taking urgent regional action on energy.The accord acknowledges that 'fossil fuels underpin our economies and will be an enduring reality in our lifetime' and says Asia should consider fuel stockpiling to help manage the volatility of prices and demand.But it highlights the problems of limited reserves, unstable world oil prices, worsening environmental problems and an urgent need to counter global warming and climate change.The Cebu Declaration on Energy Security was issued at the end of the East Asia Summit, which brings together leaders of the 10 member countries of ASEAN, Japan, China, South Korea, India, Australia and New Zealand.The declaration stresses the need to strengthen renewable energy development such as biofuels and promote open trade and cooperation in the sector.'Renewable energy and nuclear power will represent an increasing share of global supply,' it says.Biofuels, natural gas, nuclear power for selected countries, hydro-electricity and renewable energy should reduce reliance on traditional energy sources, it says.The pact reaffirms the bloc's collective commitment to energy security, saying reliable and affordable supplies are essential for strong and sustainable growth.It calls on nations to 'explore possible modes of strategic fuel stockpiling' including 'multi-country and or regional voluntary and commercial arrangements.'
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