page 1
page 2
page 3
page 4
page 5
page 6
page 7
page 8
page 9
page 10
page 11
page 12
page 13
page 14
page 15
page 16
page 17
page 18
page 19
page 20
page 21
page 22
page 23
page 24
page 25
page 26
page 27
page 28
page 29
page 30
page 31
page 32
page 33
page 34
page 35
page 36
page 37
page 38
page 39
page 40
page 41
page 42
page 43
page 44
page 45
page 46
page 47
page 48
page 49
page 50
page 51
page 52
page 53
page 54
page 55
page 56
page 57
page 58
page 59
page 60
page 61
page 62
page 63
page 64
page 65
page 66
page 67
page 68
page 69
page 70
page 71
page 72
page 73
page 74
page 75
page 76
page 77
page 78
page 79
page 80
page 81
page 82
page 83
page 84
page 85
page 86
page 87
page 88
page 89
page 90
page 91
page 92
page 93
page 94
page 95
page 96
page 97
page 98
page 99
page 100
page 101
page 102
page 103
page 104
page 105
page 106
page 107
page 108
page 109
page 110
page 111
page 112
page 113
page 114
page 115
page 116
page 117
page 118
page 119
page 120
page 121
page 122
page 123
page 124
page 125
page 126
page 127
page 128
page 129
page 130
page 131
page 132
page 133
page 134
page 135
page 136
page 137
page 138
page 139
page 140
page 141
page 142
page 143
page 144
page 145
page 146
page 147
page 148
page 149
page 150
page 151
page 152
page 153
page 154
page 155
page 156
page 157
page 158

G20 MEMBER COUNTRIES139Above: Dmitry Medvedevdo here, including in the matter of processing the gasassociated with oil production.The second project is that of developing green,alternative energy sources. Given that Russia has theworld's largest fossil fuel reserves, this kind of energyaccounts for only a tiny share - less than one per cent- of our total energy production. This puts us a long way behind our European partners.In fact, you could say that we have done nothing reallyso far in this area. Germany, which is one of the mostadvanced countries in this respect, to take oneexample, plans to bring its share of alternative energyup to 35 per cent by the end of the decade.Of course we have huge reserves of traditional energyresources, but this does not mean that we should not betaking active steps to develop and use the potential thatthe alternative energy sources such as wind, solar,geothermal energy offer, as well as other types of energywhich are still being developed or only are at the ideastage. We are not talking about making use of theseenergy sources in industry only, but also developingtheir use in the housing and utility sector too. Let meremind you that coal, oil and gas production and use asenergy sources accounts for almost half of harmfulemissions into the atmosphere today.The third area of work is to carry out pilot projects insome regions to replace local public transport vehicleswith electric vehicles and develop the use of cars withhybrid engines. The pollution levels are already veryhigh in many of our cities, and in summer you canhardly breathe. Using electric or hybrid engines couldmake a real difference here. Just replacing engines onpublic transport vehicles and trucks would cutemissions into the atmosphere by half. Of course,actually doing this is a complicated business, butwhatever it takes, we need to support work in this area.I also want to hear from the Government what has beendone to ensure the deadlines are being met forintroducing environmental regulations for petrolproduction and consumption. I want to say a few words separately on the climatefactor in the economic modernisation. We have theKyoto Protocol, which will soon expire. I think we havenot made a full use of the possibilities it offers. Weshould speed up the selection and approval of therelevant projects. We are losing not just time but also investors who couldpotentially enter the relevant sectors. We need to draftproposals on reinvesting the money obtained fromcarrying out joint initiatives directly into energy-savingand nature protection projects. I also want theGovernment and the Russian Union of Industrialists andEntrepreneurs to assess how well-prepared the Russianexporters are for the European Union countries' alreadyapproved and future decisions, including thoseregarding greenhouse gas emissions.We need to pay particular attention to the nuclearsector too. Russia will continue to develop nuclearenergy, of course, and continue improving the safetysystems at nuclear power stations. We must conductthorough studies into the nuclear waste processingsector too, and work out exactly what the situation withthis waste will be.I would like to conclude by saying one absolutely crucialthing: all the fine and worthy words we speak about theenvironment are worth nothing at all if they are not givena real form and substance of actual state innovation andenvironmental development projects. What is more,they need to have the business community's essentialsupport too. This is our top priority today. nThis is an edited version of President Dmitry Medvedev'sspeech at the 25th Meeting of the Commission forModernisation and Technological Development of Russia'sEconomy, in Gorki, on June 27 2011. For any furtherinformation please visit:

ecovery from a debt crisis is bothdifferent and more difficult thanrecovering from a cyclical recession.Ultimately, there are only three ways todeal with the overhang of debts: rescheduling them,writing them off, or paying them back.Highly indebted households, and governments simplycan not spend their way out of a debt crisis. The morethey spend, the more the debts will rise and thefundamental problem will grow. Instead, we need toconfront the problems directly. I believe we need to dothree things. Get to grips with the debt and restorecredibility and confidence. Make it easier to dobusiness and create jobs by freeing up oureconomies. And, in a global crisis, working togetheracross the world co-ordinating our action - includingboosting world trade, starting with the Doha Round.Let me briefly take each in turn. TACKLING THE DEBT First and foremost we need to deal directly with ourdebts. In Britain, we have learnt from Canada's ownexperience when you were able to take action to paydown debt. When our government took office in Britainin May 2010, we inherited the biggest budget deficitin our peacetime history. We faced the risk of risinginterest rates, falling confidence and even questionsabout our credit-worthiness as a country.So we have taken some really tough decisions torescue our public finances and begun to implementthem. How fast you need to go will depend oncircumstances. With a deficit that was forecast to bethe highest in the G20 and ballooning debt, the UKhas had to act quickly.Britain's experience contains an invaluable lesson:it is possible to earn credibility and get ahead of themarkets through decisive action. But by its nature, a global crisis cannot be solved by countries actingalone. In a global economy, we need every country in the world to show the leadership to address its problems. With others, we continue to argue we need to increaseglobal demand by rebalancing where surplus countriesspend more, helping deficit countries to increase theirexports and grow faster. Of course this is vital and willhelp the deficit countries to grow and repay debt. But more spending by surplus countries will not on itsown deal with the debts. And that brings me to theEurozone. I was an adviser in the Treasury when wefixed our currencies through the Exchange RateMechanism. It failed. And it taught me that different countriessometimes need very different economic policies. So I do not support Britain joining the Euro and never will. But Britain has a strong interest in the success ofthe Eurozone. We all do. Because the problems in the Eurozone arenow so big that they have begun to threaten thestability of the world economy. Why? Because the Euroarea is one of the largest markets in the world. And theEuro is the world's second largest currency. And asthese problems are not being solved, while they grow,businesses do not invest, and confidence is sapped. Inthe Euro area itself and, increasingly, worldwide also. Eurozone countries must act swiftly to resolve thecrisis. They must implement what they have agreedand they must demonstrate they have the politicalWHERE THERE IS A WILL THEREISAWAY140G20 MEMBER COUNTRIESTHE RT HON DAVID CAMERON, PRIME MINISTER, THE UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELANDR