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G8

Volume 478: debated on Monday 23 June 2008

To ask the Secretary of State for Business, Enterprise and Regulatory Reform what proposals the United Kingdom plans to put to the meeting of G8 energy ministers on 6th June. (209156)

On 8 June 2008, my right hon. Friend the Secretary of State attended the G8 Energy Ministers’ meetings at Aomori in Japan. This was the first ever meeting of G8 Energy Ministers with their counterparts from China, India and the Republic of Korea. Discussion covered a wide range of issues relating to world energy security and combating global climate change.

I am placing a copy of the statements issued at the end of the meeting in the Libraries of the House.

The main outcomes were:

A call for enhanced dialogue and cooperation between oil producers and consumers.

Recognition that open, transparent markets and fair, effective and efficient regulation are critical to reducing uncertainties and promoting investment.

Affirmation by the participant countries of the need to maximise investment in their own domestic oil production, coupled with a call on other oil producers to increase investment to keep markets well supplied in response to rising world demand.

Establishment of the International Partnership for Energy Efficiency Co-operation (IPEEC)—a groundbreaking co-operation between the G8, China, India and the Republic of Korea (membership is also open to other countries).

An undertaking to accelerate efficient and lower carbon technology research, development and demonstration. G8 commitment to implementation of the International Energy Agency(IEA)’s 25 recommendations for promoting energy efficiency.

G8 support for the launch of 20 large-scale carbon capture and storage (CCS) demonstration projects globally by 2010 with a view to supporting technology development and cost reduction for the beginning of the broad deployment of CCS by 2020.

A number of these agreements result from the IEA’s G8 Gleneagles work programme, which was developed and agreed during the UK’s G8 presidency. The full conclusions of the agency’s work will be reported to the G8 summit in Hokkaido next month.