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CEBU, Philippines : Sixteeen Asian nations pledged Monday to work together to save energy and develop new supplies in the face of soaring world oil prices.
The Cebu Declaration on Energy Security was issued at the end of the East Asia summit, which groups the 10-nation Association of Southeast Asian Nations with Japan, China, South Korea, India, Australia and New Zealand.
The document signed by leaders acknowledges that "fossil fuels underpin our economies, and will be an enduring reality in our lifetime."
But it highlights limited reserves, unstable world oil prices, worsening environmental problems and an urgent need to counter global warming and climate change.
The declaration stresses the need to strengthen renewable energy development such as bio fuels and promote open trade and cooperation in the sector.
Biofuels, natural gas, nuclear power for selected countries, hydro-electricity and renewable energy should reduce the need for fossil fuels in future, it says.
The document reaffirms the bloc's collective commitment to ensuring energy security, saying reliable and affordable supplies are essential for strong and sustainable growth.
It calls on nations to "explore possible modes of strategic fuel stockpiling" including "multi-country and or regional voluntary and commercial arrangements."
Calls to reduce dependence on oil intensified after prices surged to historic peaks last year. While prices have dropped since, their continued volatility -- owing in part to geopolitical tensions -- remains a threat.
China, one of the world's biggest energy consumers, has widened its search for energy sources, including venturing as far as Africa.
The declaration adds: "Renewable energy and nuclear power will represent an increasing share of global supply." - AFP /dt
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