US calls for global energy efficiency push

ENERGY EFFICIENCY: Bodman said increasing energy efficiency would also improve the health of the environment. (Getty Images)

The world's largest energy consumer the US on Monday called for a global push for increased energy efficiency to help meet rising demand and alleviate the impact of high prices on economic growth.

The US consumes about 21 million barrels per day of oil, around a quarter of the world's supply. Record oil prices have cooled US appetite for gas guzzling cars and, along with increasing environmental concerns, leant weight to calls for more sparing use of energy.

The country last month passed a bill requiring increased fuel efficiency in vehicles for the first time in over 30 years.

"We must promote increased energy efficiency," US energy secretary Sam Bodman said in a speech at the World Future Energy Summit in Abu Dhabi. "The biggest source of immediately available 'new' energy is the energy that we waste every day."

Energy efficiency measures "will not only take some pressure off demand, but also improve the health of our shared environment", he said.

The challenge of meeting growing energy demand was global and required huge investment in both conventional and alternative energy sources in the developed and developing world alike, he said. New technology needed to be rapidly deployed to diversify the global energy supplies.

"The world needs safe, reliable, clean, affordable and diverse energy supplies - and in considerably greater numbers than it now has... to do that we need a global response... and, by that I mean all nations, including those that produce our world's oil supply."

Bodman earlier repeated his call for Opec to boost output at its February 1 meeting.

To encourage investment in clean and efficient oil and gas production, Bodman called for an end to "market interventions", without specifically mentioning Opec.

"It is time to stop doing the things that we know will not help," he said. "We know that purposeful market distortions - such as rationing supply, cutting production, or creating price floors and ceilings - do not work."

Bodman was on the third stop of a trip to the Middle East taking in Jordan, Saudi Arabia, the UAE, Qatar and Egypt. (Reuters)

Abu Dhabi to invest $15bn in green energy
WFES SUMMIT: Emirate plans to build world's largest hydrogen power plant.

Extinction ahead warn UK princes
WFES SUMMIT: Prince Andrew and Prince Charles call for urgent action on climate change.

Print | Email | Discuss this article |

READERS' COMMENTS

View all comments (0)

Have your say

Click here to post a comment

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Security Code *
Please click post only once - your comment will not be published immediately.

MORE FROM ARABIANBUSINESS.COM