IEA says G8 must act now on energy, climate strategy
International Energy Agency on Wednesday said that soaring oil prices have threatened the global economy and welfare of millions of people but have also opened ways to huge energy and pollution gains, the IEA said on Wednesday.
By Agencies |
PARIS : Oil prices are too high, threaten the global economy and the welfare of millions of people but also open the way to huge energy and pollution gains, the IEA said on Wednesday. Welcoming calls by G8 summit in Japan for improved energy efficiency and development of technologies to reduce carbon emissions, the International Energy Agency said: "We need policies that bring sustainable solutions."
IEA executive director Nobuo Tanaka said in a statement: "We are very pleased that G8 leaders are so engaged in finding and implementing these policies."
The agency said that oil prices were "too high and a threat to the global economy and social welfare of millions of people, particularly in developing countries."
The IEA submitted 25 recommendations on energy efficiency to the summit, presenting broadly a case that the problem of energy consumption and climate change is not all doom and gloom.
Short-term changes in policy and consumer behaviour could generate big savings, and longer-term reforms globally are bearable in terms of cost, realistic in terms of technology and bring some economic benefits in terms of new industries.
Tanaka said that if the proposals were put into effect globally and immediately, savings in carbon emissions would build up to 8.2 gigatonnes annually in 2030, the equivalent to twice the emissions by European members of the OECD in 2005.
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