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Politics : Sioux Nation -- Ignore unavailable to you. Want to Upgrade?

To: Wharf Rat who wrote (89224)	11/19/2006 11:03:50 AM
From: Wharf Rat	Respond to of 361021

G20 economic leaders call for energy investment and efficiency - Sunday, November 19, 2006 4:47:12 AM afxpress.com MELBOURNE (XFN-ASIA) - Group of 20 (G20) economic leaders said strengthening energy markets and promoting investment and efficiency are needed to ensure the global energy supply keeps up with soaring demand In a communique at the end of a two-day summit, finance ministers and central bank chiefs from the G20 said the expansion of energy supplies had struggled to keep pace with demand growth resulting in significant price increases "We agreed that enhancing global trade by strengthening markets and ensuring sustainability by promoting investment and encouraging efficiency are the best ways to deliver lasting resource security," the communique said The leaders said central banks have to remain vigilant in trying to contain inflation in the face of volatile oil prices and try to contain its effects on other prices "We agreed that further reform of energy subsidies is a priority in order to improve fiscal sustainability, better target poverty, and ensure that price signals work to expand supply and induce efficiency," the communique said During the summit, Australian Treasurer and meeting chairman Peter Costello called for an "energy freeway" in which greater transparency about resources and production and more efficient markets would allow supply to meet demand and reduce price volatility But amid strong demand growth for oil and other fossil fuels such as coal, there are rising concerns about climate change caused by carbon dioxide emissions from burning those fuels The communique said little on climate change other than saying the links between energy and climate change policy were discussed and it was agreed the G20 would monitor the issue The UK pushed for climate change to be included on the agenda but Costello acknowledged yesterday there were differences between the developed and developing members of the G20 on the issue "I think some of the developing countries feel they are going through a process of industrialization. That is going to bring huge energy demand and they feel that emissions caps will make that energy more expensive," Costello said "In fact some say emission caps will hurt the poor." The G20 includes the wealthy G7 nations -- the US, Germany, Japan, France, Italy, the UK and Canada -- as well as the European Union, Argentina, Australia, Brazil, China, India, Indonesia, Mexico, Russia, Saudi Arabia, South Africa, South Korea and Turkey Senior IMF and World Bank officials also attended the meeting bro/mtp For more information and to contact AFX: www.afxnews.com and www.afxpress.com