GHG cuts lead to supply security, economic growth: EC's Piebalgs

Washington (Platts)--26Mar2007

Cutting greenhouse gas emissions and setting renewable power standards
can increase energy security by cutting oil and gas imports and encouraging
new technologies, Andris Piebalgs, the European Commission's commissioner for
energy, said Monday.

Speaking at a luncheon in Washington organized by The European Institute,
Piebalgs said the problems faced by Europe and the US were not dissimilar and
there were numerous security benefits from the introduction of greener
technology to the energy industry.

The creation of renewable portfolio standards -- as the EC did March 9
when it agreed to cut its greenhouse gas emissions by 20% by 2020 compared
with 1990 levels -- would lead to economic growth, he said.

Already significant investment in renewables has brought economic growth
to European economies -- such as those of Germany, Finland, Spain and Denmark;
some of them for the first time in 10 years, Piebalgs said.

And should the global energy economy see the introduction of a gas
cartel -- likely involving a combination of Russia, Algeria, Qatar and various
other gas exporters -- that mirrored OPEC there would be a boom in coal plant
construction, and especially clean coal, and would create the security of
supply, he said.