|
JEJU, Korea, September 14, 2005 (Refocus
Weekly)
Finance ministers from the countries around the
Pacific Ocean will urge more development of renewables to counter
the effects of rising oil prices.
Sustained high energy prices are a risk to economic growth in the
region, said the 21-member Asia-Pacific Economic Cooperation (APEC)
in the final communique from its annual meeting. The officials noted
“the importance of adequate investment in oil production and
refining capacity, as well as technology transfer for energy
conservation and developing renewable energy sources.”
The finance ministers also welcomed recent actions to reduce
“demand-distorting subsidies” and urged continuation of those
efforts.
Global economic growth has moderated this year but is likely to
remain robust, despite high oil prices, they noted. Growth in APEC
regions is expected to ease but member economies are experiencing
faster growth than the global economy.
APEC members include the United States, Japan, Canada and China, as
well as Australia, Brunei, Chile, Hong Kong, Indonesia, Malaysia,
Mexico, New Zealand, Papua New Guinea, Peru, the Philippines,
Russia, Singapore, South Korea, Taiwan, Thailand and Vietnam.
Representing a total population of 2.8 billion, APEC accounts for
half of global trade.
In March 2005, the APEC Energy Working Group met in Hanoi discussed
research to develop alternative energies, and agreed to work with
the technology working group to assess the feasibility of
alternative future fuel sources. The two groups will examine the
feasibility of developing a “technology roadmap that outlines
multiple scenarios for plausible energy and fuel development in the
APEC region.”
In May, the Executive Director of the APEC Secretariat, Choi Seok
Young, said “energy is one of the critical factors underpinning the
modern global economy, and sustainable economic growth is dependent
on adequate, reliable and affordable supplies of energy.” Energy
consumption in the APEC region accounts for 59% of total world
energy consumption, which will surpass 60% by 2020.
Collectively, APEC countries are net energy importers, and energy
imports of oil are projected to increase to 55% by 2020 from the
current level of 36%.
“This growing appetite for energy poses a serious energy security
concern throughout the region,” and the high reliance on fossil
fuels “contributes directly to pollution of the environment,
increasing levels of greenhouse gases in the atmosphere, increased
health problems, global warming, climate instability and acid rain,”
he said. “In many instances, renewable energy can provide a cheap,
clean and reliable source of electricity, but the role of these
renewable energy sources is currently limited in the marketplace.”
“The development of new and renewable energy involves a large
allocation of resources and advanced technology, which developing
countries often find difficult to finance,” he explained. “APEC has
placed great priority on supporting the development of viable new
and renewable energy technologies by encouraging information
exchange, technology transfer, capacity building and market
development.”
APEC was formed in 1989 and is a forum for facilitating economic
growth, cooperation, trade and investment in the Asia-Pacific
region. It is the only inter-governmental grouping in the world that
operates on the basis of non-binding commitments and, unlike the
World Trade Organization and other multilateral trade bodies, it has
no treaty obligations for its members. Decisions are reached by
consensus and commitments are undertaken on a voluntary basis.
Click here for more info...
Visit http://www.sparksdata.co.uk/refocus/
for your international energy focus!!
Refocus © Copyright 2005, Elsevier
Ltd, All rights reserved.
|
