Energy Ministers from the US, UK, Germany, France, Russia, Japan, Italy, Canada -- otherwise known as the G8 -- met with their counterparts from China, India, and South Korea last week, and left having established a new collaborative body called the International Partnership for Energy Efficiency Cooperation (IPEEC).

IPEEC will serve as a forum for driving energy efficiency within the member countries. Proposed methods of achieving higher energy efficiency include exchanging information on best practices, policies, and data. Through joint research and development projects and the creation of public-private partnerships, IPEEC nations hope to develop and disseminate improved energy efficient technologies and consumer products.

The convening ministers pointed out that energy efficiency is one of the quickest, greenest, most cost-effective ways to address energy security, climate change, while positively affecting economic growth.

A report released on June 3^rd by the American Council for an Energy Efficient Economy (ACEEE) supports this claim. According to the report, a set of studies demonstrate that a 23 percent efficiency gain could be achieved with a 2:1 benefit-cost ratio. Also, a 20 percent efficiency gain by 2030 could provide 800,000 new jobs, and a 30 percent efficiency gain could result in a net increase of 1.3 million jobs.

Among other things discussed at the meeting, the ministers also pledged to promote research, development, and deployment of renewable energy especially in regards to grid integration.