Oil and gas will provide the bulk of the world’s energy requirements for decades, despite the emergency of cleaner renewable fuels, ministers at the International Energy Forum have stated.
AFP has reported that ministers from oil producing nations and consumers at the conference “affirmed that fossil fuels will still provide the lion’s share of the energy supply for decades to come, although renewable energy will have to play an increasing role”.
Earlier in the forum, which was held in Cancun, a declaration was published in which 66 countries pledged greater cooperation and called for transparent markets in order to tackle oil price volatility.
British junior energy minister Philip Hunt said in Cancun that oil price volatility had “very negative consequences for the world.”
“We need stable and efficient energy markets. We need them both in terms of ensuring future investment and development,” he said.
“But we also need them in helping the globe as a whole recover from the financial problems that we’ve seen in the last two years,” added Hunt, representing IEF executive board member Britain.
