Muneef, member of Shoura Council, said in his speech Friday at the third session of the 3rd G20 Speakers' Consultation Meeting in Riyadh, that energy is very important for global economic growth and progress. Throughout history, energy has played an important role in increasing industrial production and facilitating urban development and improving living standards, he added. "Oil and gas represent 60 percent of energy consumption and for the next three decades they will continue to play a major role in economy." He cited the forecast of the International Energy Agency in 2011 which indicated that there will be an increase of 124 million barrels of oil equivalent every day for global demand for energy. OPEC's predications, he added, indicated an increase of 127 million barrels of oil equivalent from now until 2035. He also said that over 60 percent of increase in global oil demand will be for the sector of transport, while the increasing demand for gas will be from the operations of electricity generating and industrial sectors. Dr. Al-Muneef expected that there's growth in the trade of oil and gas in the Middle East at 33 percent and 47 percent between 2010 and 2035. "Most of the trade will take place between east and west Asia on one hand and Europe and Africa on the other hand." These predictions pose several global challenges which call for investing in diversifying the sources of energy to ensure enough supply and decreasing the fluctuations of oil markets which affected investment and economic policies as well as the policies of energy programs, he noted. Othmar Karas, vice president of the European Parliament, speaking at the third session, stressing that "the economic crisis has its roots in excessive deregulation," said there was no alternative to "deepening our union". "Europe needs to speak with one voice. We need to think with one voice as well. This implies some significant choices for us. The intergovernmental method that we once adopted now seems a relic of the past. We have entered a phase of stronger unification." Emphasizing the need for a reinforced global cooperation, the vice president of the European Parliament called for a review of the International Monetary Fund and the World Bank. "The world has changed, but unfortunately the Bretton Woods system has not. I am not saying the IMF and WB should be closed, but it is time to review these organizations." "Emerging economies are demanding greater representation and it is time we listened to them," he added. "In turn, they should realize that their new honors will come with new burdens. The two go hand-in-hand." The deputy chairman of the Japanese Consultants' Council talked about the energy accidents that took place around the world and how it was important to learn lessons from these accidents and use energy for peaceful purposes. "Japan has adopted special initiatives to raise the safety level of nuclear reactors and designed policies to purchase sources of renewable energy." President of Indonesian Parliament, Marzouqi Ali, talked about the global efforts to diversify the sources of energy, development and research in other various fields of energy and oil. He called on the international community to contribute to sustainable energy to protect the future of next generations and transmit renewable energy technology to developing countries. "In 2010, the Indonesian Ministry of Energy and Electricity established an independent department of renewable energy." President of Argentina's Parliament said "there's a pressing need to secure energy in developing countries. Industrial countries have exceeded the level of energy consumption and each country has now to design a strategy to diversify sources of energy and how to use sustainable energy." Scientific research should be intensified to find solution for developing sustainable energy, he added. The Chairman of National Council of United Arab Emirates said the future of economic development is sustainable development. "The biggest challenge is to support economic and social development globally."
