| APEC commits to improve energy efficiency |
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| World Affairs Talk | |
| Tuesday, 05 June 2007 | |
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As consequences, Asia Pacific Economic Cooperation energy ministers signed a treaty at a meeting in Australia's northern city of Darwin last week (May 2007) confirming the 21 members' commitment to improve energy efficiency. The ministers agreed to achieve oil security by facilitating investment and trade in oil markets, enhancing emergency preparedness, improving oil data sharing and promoting energy efficient transport and alternative transport fuels. Sixty-two percent of the world’s total gold, 87% in copper, over 60% in bauxite, nickel, zinc, and other strategically important minerals are produced in the APEC region. Some APEC member economies are also the largest coal producers in the world. Ministers agreed that while a high level of complementarity exists between member economies, the APEC region as a whole is a net energy importer. The level of energy self sufficiency of individual APEC members varies widely, with some economies being significant net energy exporters and other economies significant net importers of energy. The ministers also strengthen the need of cooperation on improving energy efficiency, cleaner and more efficient energy technology and attraction of additional energy investment and facilitation of cross-border energy trade though the declaration does not set specific regional targets on reducing emissions or include a regional carbon trading emissions scheme. At the first meeting held back in 1996, the members forecasted, over the period to 2010, electricity demand in the APEC region to increase by between 50% and 80%; some $1.6 trillion in investment capital will be required to establish the power infrastructure needed to underpin the economic growth of the region. Ministers noted that such capital cannot be furnished alone by the governments of individual APEC economies and multilateral financial institutions. If such growth is to be realised, business sector finance for power infrastructure will be essential. The drive for this business sector still exists. APEC energy ministers also signaled that they will be increasingly turning to nuclear power in the coming years, with Indonesia and Vietnam saying they will be building nuclear power plants shortly. Under the global energy scenario, renewable energies will represent the backbone of the world’s economy not only in OECD countries, but also in developing countries such as China, India and Brazil. Renewable energy can deliver nearly 70 per cent of global electricity supply and 65 per cent of global heat supply by 2050. The global market for renewable energy has the potential to grow at a double digit rate until 2050 and reach the size of today’s fossil fuel industry, with wind and solar markets worth almost $46.5 billion and doubling in size every three years; it is up to decision makers around the world to make this vision a reality. The scenario also demonstrates that renewable energy, in particular solar power, solar thermal, biomass, geothermal and wind power, could supply 70 per cent of the region’s electricity, compensating for a complete phase out of nuclear energy and brown coal. Wind would be the most important single source of electricity generation by 2050. Share & Bookmark             |
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| Last Updated ( Wednesday, 06 June 2007 ) |
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