Update 2-G8 leaders adopt common strategy on global energy security challenges

ST. PETERSBURG, Russia, July 16 (Xinhua) -- Leaders from the Group of Eight (G8) countries on Sunday adopted a common strategy and a plan of action to cope with global energy security challenges.

In a joint statement, the leaders agreed that the development of "transparent, efficient and competitive" global energy markets is the best way to achieve the objective.

The G8 leaders also committed to some other principles of promoting global energy security, such as promoting investment in supply chain and energy efficiency.

They also discussed the diversification of energy supply and demand, energy sources, geographical markets, transportation routes and means of transport.

The topic of energy security was picked up by Russian President Vladimir Putin, the summit host, as one of the most important issues to be debated at the three-day summit, which started on Saturday.

"Ensuring sufficient, reliable and environmentally responsible supplies of energy at price reflecting market fundamentals is a challenge for our countries and for mankind as a whole," the leaders said in the statement.

High and volatile oil prices, growing demand for energy, the need to protect the environment and to tackle climate change are cited as serious and linked challenges relating to energy security.

"The global nature of these challenges and the growing interdependence between producing, consuming and transiting countries require strengthened partnership," the G8 leaders said.

In implementing the common global energy security strategy, the leaders also adopted a seven-point plan of action:

--Increasing transparency, predictability and stability of global energy markets;

-- Improving the investment climate in the energy sector;

-- Enhancing energy efficiency and energy saving;

-- Diversifying energy mix;

-- Ensuring physical security of critical energy infrastructure;

-- Reducing energy poverty;

-- Addressing climate change and sustainable development.

The G8 also includes the United State, Britain, France, Germany, Italy, Canada and Japan.

The G8 leaders kicked off their first working meeting on Sunday morning and adopted three separate statements on energy security, education and fighting against infectious diseases.