Asian trade federation Asean and six other nations have signed a declaration acknowledging the need to promote trade and cooperation in order to strengthen renewable energy development.
The Cebu Declaration on East Asian Energy Security brings Asean – the 10-nation Association of Southeast Asian Nations – Australia, China, India, Japan, Korean and New Zealand together to reduce dependence expensive oil imports.
This goal is to be achieved through expansion of renewable energy – notably hydro power, greater energy efficiency and conservation, bio-fuel production and nuclear.
Although the pact does not set target dates, the countries have agreed to work towards freer trade and to reduce the cost of renewable and alternative energy through novel financing schemes.
The agreement reaffirms the bloc’s commitment to energy security, high on the agenda in light of volatile oil prices, and indicates that bio-fuels, natural gas, nuclear power for selected countries, hydroelectricity and other renewable energy should reduce the continent’s reliance on oil.
“Renewable energy and nuclear power will represent an increasing share of global supply,” the agreement says, although it also acknowledges a continued role for fossil fuels.
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