Fossil fuels expected to be basis of energy until 2050: G8 statement

Fossil fuels will remain the basis of the fast-growing world energy industry till 2050, G8 energy ministers said on Thursday in a statement after an energy security meeting in Moscow.

"Despite the increased presence of alternative sources in the energy mix, the fossil fuels will remain the basis of the world energy industry for at least the first half of the 21st century," the statement said.

Russia, chairing the G8 group for the first time this year, has made energy security the No. 1 issue for its presidency.

"Wide-scale development of safe and secure nuclear power" was still a crucial alternative for long-term environmentally sustainable diversification of energy supply, the statement added.

Ministers from the United States, Japan, Germany, Britain, France, Italy, Canada and Russia were aware that the 21st century is sure to "witness a significant increase of the global consumption of energy, primarily by dynamically developing economies."

Russia is the world's second largest oil exporter after Saudi Arabia and provides about a quarter of the natural gas consumed in the European Union. The country has seen its state coffers swell at a time when rising demand has doubled oil prices.

Moscow also invited officials from China, India and the oil-producing cartel OPEC in a bid to launch the first ever global energy security dialogue.

Source: Xinhua