Sarkozy asks IMF how to use oil profits for renewable energy: government

0 Comments | AFP, June, 2008

PARIS (AFP) — French President Nicolas Sarkozy has asked the International Monetary Fund to look into harnessing record profits from the oil industry to fund investment in renewable energy, a junior minister said Thursday.

"The President of the Republic has asked the managing director of the IMF to look into the possible use of these exceptional profits to promote renewable energy," Laurent Wauquiez, secretary of state for employment, told the French Senate.

Wauquiez, speaking on behalf of Economy Minister Christine Lagarde, said France had also asked for efforts at the European Union level to produce an assessment of oil reserves in order to "fight against speculative practices."

He defended French oil group Total following recent criticism from politicians...