French President Francois Hollande on Tuesday proposed energy producers and consumers build a common fund for investment in alternatives to fossil fuel.

"We can act together to be capable of creating a post-oil world," he said at the opening of a summit in Abu Dhabi on the future of energy.

He also said the European Union should target higher standards for 2030. Already the 27-nation bloc has committed to reduce greenhouse gas emissions 20% by 2020, while ensuring that 20% of its energy is from sustainable sources and seeking to consume 20% less energy by the same year.

It has not, however, set any binding targets post-2020, but the debate is heating up in Brussels .

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