Brown to press case for clean energy research
GORDON BROWN will call tomorrow on the world’s most advanced economies to support alternative energy sources and work to combat soaring oil prices.
With the cost of Brent crude reaching record levels in London, touching $72.70 in intra-day trading yesterday, the Chancellor is determined to maintain the momentum on his initiatives to bring transparency to the international energy market.
He will call on the G7 nations this weekend to ensure that more data is presented to an international database of oil demand, supply and stocks set up during Britain’s G7 presidency last year, to reduce the vulnerability of the market to supply-side uncertainties.
In a speech on energy and the environment at the United Nations in New York tomorrow, Mr Brown will call on the World Bank to bring forward a $20 billion (£11 billion) proposal to promote cleaner and more efficient energy in developing economies in Asia and Latin America. Mr Brown will say: “Based on the plan Britain set out last year, I will ask the G7 to consider not only how we ensure greater security of energy supply but support alternative sources of energy and greater efficiency of energy use.
“Reducing carbon emissions is both an energy and economic imperative as much as it is an environmental imperative.”