G-7 leaders are struggling to reconcile climate goals with the need for stable and affordable energy supplies. Read more at straitstimes.com.
HIROSHIMA, Japan – In theory, the world’s largest industrialised democracies have agreed to stop using fossil fuels within a little over a quarter-century and to switch to new sources of power such as solar and wind as fast as they can.
The behind-the-scenes battle underscored the political, economic and practical challenges that many G-7 nations have run into as they seek to accelerate a global energy transition with trillions of dollars in government incentives. Those efforts include a price-cap measure for Russian oil that was being hailed as a success at the meetings this weekend. The cap effectively allows Russia to continue exporting oil, but at a discount; keeping its crude on the market has helped to hold down global gasoline prices.
Britain and France fought the German effort. The Biden administration found itself caught between defending the president’s own ambitious climate change agenda and aiding US allies intent on increasing their access to fossil fuels. An official in the Japanese foreign ministry who spoke on the condition of anonymity said that Japan, which relies on energy imports, needed natural gas for its energy security and also wanted to help other countries use liquefied natural gas as a way to transition away from coal.
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