G7 Leaders are Pushing for New Fossil Fuel Investments Amid Energy Crisis

Environmental News from India:

Some of the leaders of the Group of Seven (G7) rich democracies are pushing for an acknowledgment of the need for new financing for fossil energies investments, two sources told Reuters on Sunday, as European states scramble to diversify supplies.

Delegations at the annual G7 summit are debating whether such an acknowledgment can be made compliant with a commitment some countries made at the COP26 United Nations conference to halt financing for international fossil fuel projects by the end of 2022.

“(It is) possible that there will be wording in the declaration that investment for fossil energy should be possible for a certain time,” an EU diplomat said on the first day of the annual G7 summit, which this year is taking place in Germany.

Italian Prime Minister Mario Draghi, whose country is also reliant on Russian supplies, said publicly on Sunday that there are short term needs for investment in gas infrastructure “in developing countries and elsewhere.”

At a news conference on a G7 investment drive in developing nations, Draghi said it should be possible to convert such infrastructure to use hydrogen in the future.

European countries are suffering a squeeze in energy imported from Russia as the Ukrainian conflict escalates, and worries are mounting over the effects on the industry of countries especially dependent on Moscow.

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Source: India Today

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