East Asian Countries To Cut Dependence On Conventional Fuels

The summit will also call on oil-rich countries to use the dollars they earn from rising world oil prices for "equity investment and long-term, low interest loan facilities" for developing countries that import energy.

by Staff Writers
Manila (AFP) Nov 27, 2006
Southeast Asian nations are to reduce their dependence on conventional fuels and explore stockpiling oil as part of a sweeping energy program, according to details of a draft pact obtained by AFP. The draft is to be signed by the 10 leaders of the Association of Southeast Asian Nations (ASEAN) when they meet with their counterparts from Australia, China, India, Japan, South Korea and New Zealand in the second East Asian summit next month in the central Philippine province of Cebu.

The leaders will pledge to work closely to limit dependence on "conventional fuels through intensified energy efficiency programs, expansion of renewable energy systems and bio-fuel production and utilization."

ASEAN energy ministers earlier this year called for greater cooperation to boost renewable energy so as to minimise the impact of soaring oil prices which cast a shadow over one of the world's most dynamic regions.

The pact will also call for a greater effort to minimize greenhouse gas emissions and to "harmonize standards for bio-buels", the draft said.

The inaugural East Asian summit held in Kuala Lumpur last year expressed "grave concern" over the negative impact of a prolonged increase in oil prices on the region's growth prospects.

This could be addressed, the countries said, through promoting energy efficiency and developing alternative fuel sources.

The agreement in Cebu is seen as a significant step towards enhancing "international cooperation" to reduce energy consumption, the draft said.

ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

Source: Agence France-Presse

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