Germany Pushes G-7 Reversal to Fossil Fuels In A Blow Climate – Will You Be Disappointed By That?
Bloomberg News: “The pledge to end public funding for such fuels was made recently.” Germany is pushing the Group of Seven countries to back away from their pledge to stop funding fossil fuel projects abroad by the end of the year, according to people familiar with the matter. That would be a major reversal in addressing climate change as Russia’s war in Ukraine increases access to energy supplies. …
The G-7’s shift from a commitment initiated last year and reinforced in May will be a watershed moment in global efforts to combat climate change. It will make it harder to rally the rest of the world with stricter targets and direct investments in cleaner energy sources. It also goes against the advice of the International Energy Agency that new oil and gas projects should not be developed if the world wants to limit global warming to 1.5 degrees Celsius.
Via: Administrators – Total climate inventory
June 25, 2022 1:38 ONLY
Via Alberto Nardelli, Chiara Albaneseand Jess Shankleman
Germany is pushing the Group of Seven countries to back away from a pledge to stop funding fossil fuel projects abroad by the end of the year, according to people familiar with the matter. That would be a major reversal in addressing climate change as Russia’s war in Ukraine increases access to energy supplies.
A draft text shared with Bloomberg would see the G-7 “recognize that publicly supported investment in the gas sector is needed as an interim response to the current energy crisis.” .”
It is noted in the proposal that such funding is made “in a manner that is consistent with our climate goals and does not produce limited impacts.”
The text is still being debated and is subject to change before the G-7 leaders hold their summit in the Bavarian Alps starting Sunday chaired by Prime Minister Olaf Scholz. The UK opposes the proposal, two of the people said. A German government spokesman declined to comment.
EU leaders prepare for tough winter as Russia tightens gas pipeline
A person familiar with the discussions said Italy was not actively opposed to the German proposal. Italy, like Germany, is heavily dependent on Russian gas. On Friday, speaking at a press conference in Brussels, Prime Minister Mario Draghi said Italy had sought to reduce its gas imports from Russia from 40% last year to 25% now. This can also happen by signed a new gas contract in countries including Congo, Algeria and Angola.
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Germany reacted to the cuts revive coal plants and provide financing to secure gas supplies, while continuing plans to phase out nuclear power. The World Nuclear Association, an industry lobbying group, is urging the G-7 to increase access to nuclear technologies.
Germany warns of Lehman-like contagion from Russian gas cuts
Italy said it would monitor potential demand to activate emergency energy plans. Any such move could help boost coal production.
The G-7’s shift from a commitment initiated last year and reinforced in May will be a watershed moment in global efforts to combat climate change. It will make it harder to rally the rest of the world with stricter targets and direct investments in cleaner energy sources.
It would also go against the advice of the International Energy Agency that nothing new Oil and gas projects should be developed if the world wants to limit global warming to 1.5 degrees Celsius.
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“Where we saw Chancellor Merkel as climate chancellor at the last G-7 summit that Germany hosted, Scholz could go down in history as climate response Chancellor, which I think will be a real mark on his record, and we don’t need to do this,” he added.
– With support from Michael Nienaber, Isis Almeida, Jenny Leonard, Josh Wingrove and Brian Platt
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