Russian President Vladimir Putin called for the creation of a world energy security system to tackle instability in energy markets on Wednesday as he outlined Russia's priorities for its presidency of the Group of Eight (G8) leading industrialized nations.

Energy has become "an engine of global social and economic progress" and Russia, during its G8 presidency this year, will work to map out principles for solving energy issues and a unified global energy policy that looks toward the future, Putin said in an article, a copy of which was provided to Xinhua by the Kremlin press service.

"Instability in hydrocarbon markets poses a real threat to global energy supply," and to maintain stability in the hydrocarbon markets, "coordinated activities of the entire international community are needed," Putin said.

A global energy strategy should feature a principle of long-term stability in energy supply based on reasonable prices, the Russian leader said, adding the world community should also develop energy saving technologies and explore alternative sources of energy.

He suggested that non-G8 countries should also be engaged in the international initiatives aimed at promoting "innovation, energy saving and environmental protection."

Russia, which took over the rotating G8 presidency at the start of the new year, has declared energy security a priority during its term. Putin will host a summit of G8 leaders in his hometown of St. Petersburg this summer.

At a G8 finance ministers' meeting in Moscow last month, the ministers said overall global growth remains solid but high and volatile energy prices could pose a threat.

Russia has also chosen the fight against infectious diseases and education as priorities during its presidency, Putin said.

"These priorities are orientated towards, we hope, a clear goal of enhancing living standards and quality of life for present and future generations," Putin said.

Russia will also continue working in other key areas, including fighting international terrorism and the proliferation of weapons of mass destruction, development, environmental protection, the world economy and settlement of regional conflicts, he added.

Source: Xinhua