Iran plans to go green

Iran has embarked on an endeavour to develop green energy to reduce its domestic fossil fuel consumption, said Iran's oil minister.

Minister Rostam Qasemi said his country plans to increase the production of alternative energy such as solar, wind and bio-fuels to reduce the usage of its own oil and gas reserves for internal purposes, Xinhua news agency reported.

"Iran is implementing new economic policies like subsidies reform, optimising and standardising fuel consumption, and changing domestic consuming model,"

Rostam said at the ongoing three-day World Energy Forum 2012 in Dubai.

With regard to economic sanctions imposed by the US and the European Union, the oil minister said: "Sanctions are not new to Iran, we have been dealing with them for more the 30 years."

Qasemi acknowledged that the Iranian currency Riyal has fallen 80 percent in value due to the new round of sanctions.