G7 wants to stick to climate goals despite the energy crisis

Created: 06/28/2022, 05:44

The G7 summit at Schloss Elmau comes to an end today.

© Michael Kappeler/dpa

Do the climate protection goals have to be questioned because of the war in Ukraine?

There is a clear answer to this question in the draft of the final declaration for the G7 summit in Elmau.

Elmau - The group of leading democratic economic powers (G7) wants to stick to the current climate protection goals despite the energy crisis triggered by the Ukraine war.

According to information from the German Press Agency, the members will make it clear in the final declaration of the G7 summit meeting in Elmau, Bavaria, that they continue to see the so-called Paris Agreement as a guideline for their actions.

In December 2015, the countries of the world agreed to make efforts to limit global warming to 1.5 degrees if possible.

"While we take immediate action to secure energy supplies and halt the rise in energy prices due to exceptional market conditions, we will not meet our climate and biodiversity goals - including the energy transition - nor ours Commitments to end our dependence on Russian energy are in jeopardy.”

Climate protectors fear that because of the planned farewell to Russian gas, the phase-out of coal-fired power generation, which is comparatively harmful to the climate, could be delayed.

The federal government has already announced that it will start up coal-fired power plants again in order to save natural gas.

Consider capping oil prices

As a measure against rising energy prices, Germany and the other G7 countries are considering capping the price of Russian oil, according to the draft communiqué.

This could work by the West tying services such as insurance for oil shipments to compliance with the price cap.

On the one hand, the upper limit is intended to ensure that Russia no longer benefits from price increases on the energy market.

On the other hand, it should contribute to a relaxation on the oil markets worldwide.

Not only in the EU, but also in the USA, the high fuel prices are currently a big issue.

According to dpa, the text should say: "We are concerned about the burdens caused by energy price increases and the instability of the energy markets." These exacerbated inequalities at national and international level and threatened common prosperity.

In coordination with the International Energy Agency (IEA), further measures will be examined to reduce price jumps and prevent further effects on economies and societies worldwide.

In the G7 countries, short-term financial support is provided for the weakest sections of the population, but also for companies and industry.

In addition, developing countries will also be helped and steps to support the stability of the global energy market will be intensified.

To this end, it is planned to increase the joint production in the short term, to use the energy reserves appropriately and to work together with international partners.

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Opec should be asked to increase production

According to the text, the Opec oil cartel, which is dominated by countries such as Saudi Arabia, should also be asked to further increase production in order to reduce tensions in the energy markets.

The latest answers from OPEC are welcomed, but they are called on to continue to act in this regard, according to the text available to the dpa.

The summit of the heads of state and government of the G7 countries in Elmau ends this Tuesday with a final press conference by Federal Chancellor Olaf Scholz (SPD).

In addition to Germany, the Group of Seven (G7) includes the USA, Canada, Great Britain, France, Italy and Japan.

The EU is also represented by Commission President Ursula von der Leyen and Council President Charles Michel.

dpa