G8 Leaders Pledge to Strengthen Energy Sector

(MarketWatch) — Leaders of the Group of Eight agreed Sunday to support new investment in the energy sector and to increase the transparency and stability of global energy markets, but allowing for differences over nuclear power and climate change.

The statement from the eight industrialized nations meeting in St. Petersburg, Russia cites concern about “high and volatile” oil prices and growing worldwide demand for energy — expected to rise more than 50% by 2030. The document also notes the increasing dependence of many countries on energy imports and the “enormous investment requirements” of the energy sector, balanced against a need for environmental protection.
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