Author`s name Timothy Bancroft-Hinchey

G8: Common approach to energy defined

Russia’s goal of forging a joint strategy on ensuring global energy security and the development of nuclear energy is reached on the second day of the G8 Summit in Strelna, St. Petersburg

President Vladimir Putin described the strategy as “a common understanding of a universal energy future for humanity”, towards which he considers the whole planet has a common responsibility.

The measures which Russia had proposed to the summit, and which were accepted yesterday and today, concern the guarantee of a reliable energy providing service for countries already receiving it, the development of fuel-saving techniques and alternative sources of energy and the practice of transparency in energy markets. For Vladimir Putin, the adoption of these measures will enable suppliers to satisfy their clients and foster a balanced trade and energy relationship.

For Russia, respect for the envorinment is an important part of energy security and Vladimir Putin highlighted the G8 leaders’ commitment to previous pledges on environmental protection schemes

Foremost among Vladimir Putin’s plans for the future is the development of a solution to guarantee energy to developing countries, ending what is termed as “energy poverty”. Considering that “Energy is esserntial to improving the quality of life and opportunities in developed and developing nations,” Vladimir Putin stressed the importance of “ensuring sufficient, reliable and environmentally responsible supplies of energy at prices reflecting market fundamentals”.