G8 energy ministers OK action plan

ROME, May 26 (UPI) -- Group of Eight energy ministers meeting in Rome discussed volatile oil prices and how they create instability in all energy sectors, attendees said.

Italian Economic Development Minister Claudio Scajola said "important decisions" on climate change, government-business alliances and the fight against energy poverty were made during the weekend summit sponsored by Italy as the G8 president, the Italian news agency ANSA reported.

Scajola did not provide details of the plan, but said delegates highlighted the need to stabilize oil prices and provide security for investments to encourage a global economic recovery.

A "common framework and shared rules and regulations" were needed, he said, calling for greater cooperation between national governments and multilateral bodies.

Environmentalists criticized delegates for the meeting's narrow focus on oil prices and for not expanding the scope of the talks to include alternative energy sources, ANSA reported.

"It would have been productive to make real use of this opportunity to work towards the construction of an alternative energy system based on low carbon dioxide emissions," said Vittorio Cogliati Dezza, president of Italy's largest eco-group, Legambiente.

Paolo Scaroni, chief executive officer of Italian energy giant ENI, said roller-coaster oil prices create uncertainty throughout all energy sectors.

Scaroni suggested establishing a "global energy agency" as part of a two-point proposal aimed at stabilizing prices, ANSA said.