WORLD> Europe
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WORLD> Europe
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EC outlines responses to rising oil prices
(Xinhua)
Updated: 2008-06-12 09:03 In the long run, the commission said the major policy response must be to make the EU more efficient in the use of energy and less dependent on fossil fuels. It called for EU member states to swiftly adopt legally binding measures to give effect its 2020 targets for renewables, biofuels and greenhouse gas reductions by the end of 2008. The commission proposed one year ago to reduce the 27-nation bloc's overall greenhouse gas emissions by 20 percent below 1990 levels by 2020, and make renewable energy account for 20 percent of total energy use and biofuels make up 10 percent of fuel consumption. It said efforts towards the targets were essential to improve substantially energy efficiency and the diversification to the EU energy supply. Later this year, the commission was also expected to propose a revision of the current EU system of energy taxes, and to present its views on a British proposal to reduce value-added tax (VAT) on energy-efficient products and a French proposal for the better monitoring of oil stocks. Externally, the commission said it supports the organization ofa global summit on oil markets between main oil producing and consuming countries and would strengthen existing regional and bilateral dialogues in order to achieve better market access and transparency. "At the heart of our approach is the full implementation of the commission's energy and climate change proposals including increased energy diversification, security of energy supply and energy efficiency. We need to save energy, and to diversify the sources of supply," Barroso said. The commission said it was preparing a communication on oil prices, which would be ready in the coming days for debate by EU leaders at their summit next week. |
