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Speaking to delegates at today's high-level meeting, the PM highlighted the opportunities that oil producing countries have to invest in renewable energy technology in countries such as the UK. He hailed the summit as the first step towards "greater stability and certainty for all". Mr Brown said that it was necessary not only to increase supply of oil and gas to meet rising demand but also to increase energy efficiency among consumers. By working together, producers and consumers could escape the "zero-sum game" of the past and build "a greater commonality of interest". The PM said: "The foundation of a global new deal is a credible commitment to a better functioning of the oil market through clear signalling of current and future supply and demand from both oil producers and oil consumers. "We cannot make all these changes overnight. But building on the spirit of co-operation embodied in this new 'Jeddah process', we can - and must - put in place a roadmap for the future ---- the key to creating greater certainty and stability for all." Mr Brown called for greater transparency in the provision on data on supply and demand and in return pledged that the UK would do more to exploit the estimated 25 billion barrels of oil reserves still available in North Sea fields. Increasing focus on renewable energy - the EU has committed to securing 20 percent of its energy from renewable sources by 2020 - will lead to investment opportunities in technologies such as carbon capture and storage and in particular in nuclear power generation, he said. The UK will require up to £100 billion to meet its own targets, he said. During today's meeting Saudi Arabia announced an increase in its production to 9.7 million barrels per day. The PM offered to host a follow-up conference in London later this year. Crown copyright http://www.pm.gov.uk/ |
