The Group of Seven nations agreed during their meeting on Saturday to reinstate support for gas investments amid concerns by climate change activists that this move could compromise climate change goals. The G7 called this a “temporary” step that would help the nations concerned eliminate their reliance on Russian imports.
Despite arguments between Japan and European nations, the G7’s April meeting reached a consensus whereby climate ministers agreed that gas investments “can be appropriate to help address potential market shortfalls”. This move is also viewed as necessary with regard to overcoming the shortfall in supply that came after Russia’s invasion of Ukraine.
“We stress the important role that increased deliveries of LNG (liquefied natural gas) can play, and acknowledge that investment in the sector can be appropriate in response to the current crisis and to address potential gas market shortfalls provoked by the crisis,” the G7 declared in a statement.
Once Russia’s top gas buyer, Germany came out in support of the shift to gas investments, calling them a necessary step to reducing reliance on Russian supplies. Japan expressed the view that liquified natural gas can be used as a transition gas in the shift toward renewable energy.