Energy Ministers from the Group of Eight nations are meeting in Moscow, to try to address the energy security problems that threaten world economies.
The talks, being held at the Kremlin, are focusing on such issues as stability of energy supplies in the face of increasing demand, as well as developing alternative fuels.
Russian Energy Minister, Viktor Khristenko, called on all the participants to come up with an energy action plan in time for the full G8 summit at St Petersburg in July.
He said: “We believe the St Petersburg meeting must be an important stage in setting up global provisions for energy security. By the time of the summit, we must have worked out a final document that will be authoritative, a comprehensive and forward-looking plan, that would be recognised and supported around the world, including by those countries that are not part of the G8.”
It is anticipated that 25% of the world’s energy will be used by the United States this year and 30% by Asia, while Europe will take about 25% of the world’s oil and more than 40% of its gas.
Against that background the Moscow meeting includes invited representatives from the countries were energy consumption is significantly increasing, China and India, and the producing cartel OPEC.
In a statement, the energy ministers said that significant investments would be needed in production, transportation and processing of resources.
With perhaps the host country in mind, the ministers also called for a positive investment environment to encourage development in the energy sector.
Their statement said that should include “stable and predictable regulations, clear tax laws, and efficient administration procedures.”