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G8 Report Transcription (Page 1)

The following text has been taken from the G8 report entitled: "Growth and Responsibility in the World Economy", pages 14-28. The full 38-page report can be downloaded in PDF format from the G8 Heiligendamm website, here. Paragraph numbers in this transcription have been removed.

Climate Change, Energy Efficiency and Energy Security - Challenge and Opportunity for World Economic Growth

We firmly agree that resolute and concerted international action is urgently needed in order to reduce global greenhouse gas emissions and increase energy security. Tackling climate change is the shared responsibility of all, and can and must be undertaken in a way that supports growth, in developing, emerging and industrialised economies, while avoiding economic distortions.

We recognise the important opportunities offered by effective action addressing climate change, in particular for innovation, technological development as well as poverty reduction. Strong economies together with a wide range of policy instruments such as market-based mechanisms, including emissions trading, tax incentives, and regulatory measures as well as technology cooperation and a shared long-term vision, are key to guide investment decisions, to generate technology commercialisation, to enhance energy security, to promote sustainable development and to slow, stabilise and then cut greenhouse gas emissions.

We are committed to take strong leadership in tackling climate change. We confirm our determination to work among ourselves and with the global community on global solutions that address climate change while supporting growth and economic development. We commit ourselves to implement approaches which optimally combine effective climate protection with energy security. To this end, we are committed to the further development of the international regime to combat climate change, especially in the run up to the UN Climate Change Conference in Indonesia at the end of this year. Addressing climate change is a long term issue that will require global participation and a diversity of approaches to take account of differing circumstances.

Energy is a fundamental driver of growth and development around the world, and the use of energy has been steadily expanding along with the world's populations and economies. Our ability to provide secure access to clean, affordable and safe sources of energy to maintain global economic growth complements our desire to protect our environment. Addressing the challenge of energy security will require unprecedented international cooperation in several areas, including market transparency, enhancing energy efficiency, diversifying energy supplies and developing and deploying new and transformational technologies.

Energy has been a major field of action for the G8, not least in recent years. We recall that after focusing on resource efficiency in a broader sense (in particular the 3RInitiative) following the Evian and Sea Island Summits, the Gleneagles G8-Action Plan dealt intensively with clean energy. At the St. Petersburg Summit we adopted groundbreaking decisions on energy security and committed ourselves to a set of agreed areas of cooperation, inter alia to increase transparency, predictability and stability of global energy markets, improving investment climate in the energy sector, enhance energy efficiency, diversify the energy mix, ensure the security of critical energy infrastructure, reduce energy poverty and address climate change. To maintain the momentum of those achievements we herewith strongly reaffirm our commitment to Global Energy Security Principles, including our commitment to enhance dialogue on relevant shareholders' perspectives on growing interdependence, security of supply and demand issues, facilitate diversification of different types of contracts, including market-based long-term and spot contracts, promote investment in upstream and downstream assets internationally, support the principles of the Energy Charter and the efforts of the participating countries to improve international energy co-operation.

To maintain the momentum of that groundbreaking achievement, we

• ·invite China, Brazil, India, Mexico and South Africa and other major emerging economies to adopt these Global Energy Security Principles,

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Photo Credit: German Federal Government/Gebhardt