Germany is pushing for Group of Seven nations to walk back a commitment that would halt the financing of overseas fossil fuel projects by the end of the year.
That would be a major reversal on tackling climate change as Russia’s war in Ukraine upends access to energy supplies, officials stated.
A draft text shared with Bloomberg would see the G7 “acknowledge that publicly supported investment in the gas sector is necessary” as a temporary response to the current energy crisis.
The caveat in the proposal is that such funding is done “in a manner consistent with our climate objectives and without creating lock-in effects.”
The text remains under debate and could change before G7 leaders hold their summit in the Bavarian Alps starting Sunday hosted by Chancellor Olaf Scholz.
Germany has responded to the cuts by reviving coal plants and providing financing to secure gas supplies while continuing with plans to phase out nuclear energy. The World Nuclear Association, an industry lobby group, is urging the G7 to boost access to nuclear technologies.
