European Commission President Barroso has called on G8 leaders to agree a common set of energy security principles ahead of the G8 summit in St Petersburg this month.
Speaking at a press conference in Brussels Barroso said, “We need to create the right climate for both investment and supplies to flow freely. The G8 must agree a set of principles which will lay the foundations for a reliable, affordable and sustainable energy system.
The key test for G8 leaders meeting in St Petersburg in July will be to agree a set of global energy security principles which will cover the energy chain, from consumer, to producer and transit countries. The framework must also commit G8 leaders to a market-based system with a fundamental commitment to open, transparent, competitive, energy markets.
Other measures include diversification of the energy mix, including nuclear power where appropriate, along with a clear commitment to accelerate the transition to a low carbon economy, to promote the large scale use of renewable energy and to strengthen investment in innovative energy technologies.
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