G-8 for fostering investment in renewable energy

G-8 for fostering investment in renewable energy
PTI
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First Published: Fri, Jul 03 2009. 02 50 PM IST
Updated: Fri, Jul 03 2009. 02 50 PM IST
Tokyo: Leaders of the group of eight industrialized countries (G-8) 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 8 to 10 July.
“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.
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First Published: Fri, Jul 03 2009. 02 50 PM IST
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