In light of the continuous rise in oil prices in international market, the European Commission, on 11th, has drawn up a policy recommendation, which puts emphasis on coping with the challenges caused by high oil prices through promoting energy effcieny and reducing the dependence on traditional energy etc.
Policy on Promoting Energy Diversification
As the core of the strategy to cope with high oil prices, European Commission advocates that UN should has a long term view to exert itself to develop new energy policy, enhance energy diversification, safeguard the security of energy supply and promote energy efficiency.
European Commission stresses that EU must reduce the dependence on traditional energy, such as petroleum. For this reason, European Commission suggests to encourage energy efficiency by means of tax concessions and advance the development of renewable energy and biofuel through legislation.
In respect of encouraging energy efficiency, European Commission, based on the proposal of UK, will in the second half of the year consider whether to reduce the value added tax of the energy efficient products, and modify the regulations on the tax policy related to energy, so as to push forward the improvement of energy efficiency.
With reference to international cooperation, European Commission will sponsor to convene a Global Summit on Oil which will be participated by the major oil production and consumption countries all around the world, to jointly discuss the means to coping with the soaring oil prices. At the same time, EU will also reinforce the existing regional and bilateral energy dialogue mechanism.
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