Participants of the G7 summit in Germany on June 26, 2022.
Stephane Russo – Swimming pool | Getty Images News | Getty Images
The G7 leaders will work with partners to create a “climate club” by the end of this year, according to the report The statement issued by their last meeting.
The document, published on Tuesday, said leaders are committed to a “highly decarbonized road sector by 2030” as well as “a fully or mostly decarbonized energy sector by 2035”.
In addition, the leaders said they would prioritize what he called “concrete and timely steps toward the goal of accelerating the relentless phase-out of domestic coal power generation.”
The details of the closing statement of the much-anticipated summit in Elmau, near Munich, Germany, come out.
The meeting took place at a time of great geopolitical and economic turmoil, with Russia’s invasion of Ukraine and volatile oil and gas prices casting a long shadow over the proceedings.
Statement Summary He touched on the current state of energy markets, and also noted the possible use of price caps in the future.
“We will take immediate action to secure energy supplies and reduce price increases driven by abnormal market conditions, including by exploring additional measures such as setting a price cap,” it said.
“We reaffirm our commitment to phasing out our dependence on Russian energy, without compromising our climate and environmental goals.”
Despite the pledges above, some aspects of the G7 statement are sure to raise eyebrows among environmental organizations that oppose the continued use of fossil fuels.
On the one hand, the document committed to ending what it called “new direct public support for the international fossil fuel energy sector unabated by the end of 2022.”
But she also noted that there will be exceptions in “limited circumstances clearly defined by each country consistent with the 1.5°C warming limit and the goals of the Paris Agreement.”
“In this context and with the aim of accelerating the phase-out of our dependence on Russian energy, we stress the important role that increased LNG shipments can play,” and recognize that investment in this sector is necessary in response to the current crisis, the statement continued.
LNG stands for Liquefied Natural Gas, which is a fossil fuel. The G7 leaders said that in such exceptional circumstances, a publicly backed investment in the gas sector “may be appropriate as an interim response”.
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