G8 officials urge "fair" oil pricing, "clean" energy (Roundup)

May 25, 2009, 16:54 GMT

Rome - Top world energy officials meeting in Rome on Monday, pledged to promote global economic recovery through energy investments, including boosting development of 'cleaner' alternatives to fossil fuels such as oil and coal.

Representatives from the Group of Eight (G8) most industrialised nations, in a joint statement, also urged for the adoption of a 'fair' price for oil to combat speculation related to price volatility.

Earlier Monday, Saudi Arabian Oil Minister Ali al-Naimi warned that the world could face within 'two-to-three years,' another oil price spike similar to that witnessed in 2008.

Al-Naimi told other participants at the Rome meeting that the high-price scenario was likely unless investments in 'new capacity expansion projects are made'.

The two-day meeting which ended Monday 'was fruitful as well as exhausting,' said Italian Economic Development Minister, Claudio Scajola, whose country currently holds the G8 presidency.

Recommendations contained in the joint statement are to be presented at the main G8 leaders summit scheduled to take place in L'Aquila, Italy in July, Scajola said.

Also included are proposals to develop regulatory frameworks to combat climate change linked to carbon emissions, as well as sharing information on energy efficiency, Sacajola said at a concluding news conference.

Representatives from 23 nations, including emerging economies such as Brazil, China, Egypt, India and South Africa also attended the Rome meeting, as did major oil and gas producers such as Saudi Arabia and Algeria.

Participants are also committed to support energy investments in Africa to boost economic development and curb 'migratory pressures' towards Europe and elsewhere, Scajola said.

'We need a second industrial revolution' to allow developing nations to overcome poverty while developed nations need to 'reduce their carbon footprint,' US Energy Secretary, Steven Chu, said speaking at the news conference.

Participants also identified the development of nuclear power as helping to diversify sources and contributing to energy security, while helping to reduce greenhouse gas emissions.

They noted however, that this needs to be done through an international commitment to safety, security and safeguards related to treaties on the non-proliferation of nuclear weapons.

Citing North Korea's widely condemned testing of a nuclear device, Japan's Parliamentary Vice Minister for Foreign Affairs, Nishimura Yasutoshi said the joint statement specifies the 'peaceful use of nuclear energy.'