UAE calls for green energy

Riyadh: The UAE on Sunday called for developing clean, safe and reasonably priced alternative sources of energy to ease the burden on oil-producing countries.

The call was made by President His Highness Shaikh Khalifa Bin Zayed Al Nahyan during the third meeting of heads of member states of the Organisation of Petroleum Exporting Countries (Opec).

The President praised Opec's policy and role in maintaining the interests of producers and consumers and stability in the world oil market, and reiterated the UAE's commitment to continue supplying global oil markets to drive human development.

"The fast growing energy consumption worldwide, the high taxes imposed on oil in consuming countries and oil market speculation have contributed to increasing oil prices," the President said.

Another factor behind the increase was that some producing countries have turned to importers due to the decline in their oil stocks, he added.

Shaikh Khalifa praised Opec's policy and role in maintaining the interests of producers and consumers alike, as well as maintaining stability in the world oil market.

During the session, the UAE pledged to contribute $150 million to support scientific research in the field of energy, environment and climatic change.

The summit called on the international community to protect the stability of global energy markets, reaffirmed the need to use energy for sustainable development and emphasised the importance of protecting the environment.

Opec underlined the importance of ensuring the security of supply against the security of demand, and reiterated its commitment to ensuring adequate supply of oil to maintain stability in global energy market and achieve economic prosperity.

The heads of state and government of Opec countries promised to support efforts against climatic changes and global warming.

The renewed their commitment to conserve and efficiently manage their exhaustible petroleum resources to promote sustainable development and the welfare of future generations.