World energy security 'vital for economy': President Hu

ST. PETERSBURG: President Hu Jintao yesterday called for international dialogue and co-operation between energy exporters and consumers to ensure global energy security.

To do this, the international community should work together to maintain a sound political climate favourable to safeguarding the stability of energy-producing countries and regions, the Middle East in particular, Hu said at the outreach session of the Group of Eight (G8) Summit that concluded in Saint Petersburg yesterday.

The meeting gathered the heads of G8 members the United States, Britain, France, Germany, Italy, Canada, Japan and Russia and leaders of six developing countries China, India, Mexico, South Africa, Brazil and the Republic of Congo to discuss energy security, prevention and control of infectious diseases, education, African development and other topics.

"To ensure global energy security, we need to develop and implement a new energy security concept that calls for mutually beneficial co-operation, diversified forms of development and common energy security," Hu said.

Energy security topped the agenda of the annual summit of the world's leading economic powers, which was hosted by Russia this year and took place at a time of strain in the global energy market.

Oil prices hit a record high last Friday of more than US$78 per barrel because of the escalation of the Middle East conflict and the Iran nuclear stand-off.

Persistent high prices have adversely impacted global economic growth, which hurts the interests of both oil producers and consumers, Hu pointed out. "Global peace and regional stability are critical to ensuring global energy security," he said.

"We should maintain a sound political climate favourable to ensuring energy security in international energy shipping routes and prevent geopolitical conflicts from disrupting energy supply," he said.

"Energy issues should not be politicized, still less should countries wilfully resort to force in tackling energy issues."

Speaking of China's energy policy, Hu said more than 90 per cent of the country's energy needs have been met with domestic supply since the 1990s.

"We will strengthen win-win co-operation with other energy producers and consumers on the basis of equality and mutual benefit," he said.

On Sunday, G8 leaders adopted a document on global energy security, hoping to reach some consensus at their annual summit on how to control and manage insufficient energy resources amid recent soaring oil and gas prices.

Despite differences between Russia, the only energy supplier of the G8, and other parties, they pledged in a statement to increase transparency, predictability and stability of global energy markets, improve the investment climate in the energy sector, enhance energy efficiency and energy saving,

diversify energy mix, reduce energy poverty and address climate change and sustainable development.

At yesterday's meeting, Hu also called for multilateral co-operation mechanisms for preventing and controlling communicable diseases such as SARS and avian flu and the rampant spread of HIV/AIDS, tuberculosis and malaria.

Source: China Daily