{"id":77530,"date":"2023-05-22T01:02:26","date_gmt":"2023-05-22T01:02:26","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/05\/22\/g7-hiroshima-summit-concludes-leaving-the-door-open-for-natgas-investments\/"},"modified":"2023-05-22T01:02:26","modified_gmt":"2023-05-22T01:02:26","slug":"g7-hiroshima-summit-concludes-leaving-the-door-open-for-natgas-investments","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/05\/22\/g7-hiroshima-summit-concludes-leaving-the-door-open-for-natgas-investments\/","title":{"rendered":"G7 Hiroshima Summit concludes leaving the door open for natgas investments"},"content":{"rendered":"

<\/a> G7 countries have expressed support for \u201ctemporary\u201d gas investments as they <\/strong>wean off Russian energy<\/strong>, according to the final communiqu\u00e9<\/a> of the three-day G7 summit in Hiroshima, Japan released on Saturday. G7 countries agreed that \u201cinvestment in the gas sector can be appropriate as a temporary response to address potential gas market shortfalls,\u201d referring to the energy crisis brought about by Russia\u2019s invasion of Ukraine. The communique did not mention a timeline for phasing out gas. This comes as Germany, Japan, and the United States are pushing to protect their \u201clong standing investments in the fossil fuel industry,\u201d the New York Times<\/a> reported.<\/p>\n

Japan and Germany keep gas and coal phase out deadlines out: <\/strong>The G7 ministers opted to reaffirm the commitment made in last year\u2019s G7 statement to achieve a \u201cfully\u201d or \u201cpredominantly\u201d decarbonized power sector by 2035 \u2014 leaving the door open for new gas and coal investments, the Financial Times<\/a> reported. This comes following a long tussle between the G7 countries during a summit in Sapporo, Japan last month<\/a> where Germany was initially pushing against Japan to restrict gas investments but ended up joining them instead.<\/p>\n

\u201cUnwavering commitment to the Paris Agreement\u201d: <\/strong>The G7 Clean Energy Economy Action<\/a>Plan (pdf)<\/a> summarized the position of the seven economies and their role in heading the climate movement, including setting new industrial and trade policies to incentivize public and private investments that drive decarbonization, increasing total investment in the clean energy manufacturing supply chain, and working to make renewable energy technologies and energy efficiency measures an affordable and accessible option globally.<\/p>\n

US and Australia to join forces in renewables and battery expansion:<\/strong> Australian Prime Minister Anthony Albanese signed a letter of intent with US President Joe Biden on the sidelines of the G7 summit to establish climate and clean energy as the third pillar of the Australia-US Alliance, according to a statement<\/a>. An action plan will be developed by the end of the year<\/a> to lay out the steps the two countries will take to tie their clean energy supply chains together, especially in critical materials.<\/p>\n

G7 says it will \u201cde-risk, not decouple\u201d economic engagement with China in a bid to <\/strong>appease the manufacturing powerhouse for renewables infrastructure<\/strong>, Reuters<\/a> reported. G7 countries said they are prepared to build \u201cconstructive and stable\u201d relations with Beijing, while also reducing dependence on trade and diversifying to achieve economic resilience. China holds more than an 80% share in all the manufacturing stages of solar panels<\/a> \u2014 such as polysilicon, ingots, wafers, cells and modules \u2014 and a 70% share of global manufacturing capacity for electric vehicle batteries<\/a>.<\/p>\n

Environmentalists alarmed:<\/strong> \u201cG7 had maintained a loophole for new fossil gas investments using the Russian military conflict with Ukraine as an excuse,\u201d said Max Lawson, head of inequality policy at activist group Oxfam, adding that the group is \u201cfar off track\u201d from the contributions needed to meeting net-zero targets, according to Reuters<\/a>. Some environmental activists have said that endorsing investment in gas is \u201cincompatible with the pledge nations made to keep global temperature rise to 1.5\u00b0C above pre industrial levels,\u201d the New York Times<\/a> reported. One expert from Greenpeace called the G7\u2019s endorsement of new fossil fuel investments \u201ca blunt denial of the climate emergency,\u201d according to Climate Action Network International<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

G7 countries have expressed support for \u201ctemporary\u201d gas investments as they wean off Russian energy, according to the final communiqu\u00e9 of the three-day G7 summit in Hiroshima, Japan released on Saturday. G7 countries agreed that \u201cinvestment in the gas sector can be appropriate as a temporary response to address potential gas market shortfalls,\u201d referring to […]<\/p>\n","protected":false},"author":1,"featured_media":77531,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[374],"tags":[57,362,11,417],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-77530","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-policy","tag-climate-change","tag-climate-policy","tag-enterpriseclimate","tag-g7","wpautop","entry"],"acf":{"mongo_id":"ab18ba90-0595-46d2-bbce-2dac02030c8a","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/1889.jpg","photo_position":"above","related_issue":[77523],"teaser":"","voice_url":""},"yoast_head":"\nG7 Hiroshima Summit concludes leaving the door open for natgas investments - Climate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/climate\/2023\/05\/22\/g7-hiroshima-summit-concludes-leaving-the-door-open-for-natgas-investments\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"G7 Hiroshima Summit concludes leaving the door open for natgas investments\" \/>\n<meta property=\"og:description\" content=\"G7 countries have expressed support for \u201ctemporary\u201d gas investments as they wean off Russian energy, according to the final communiqu\u00e9 of the three-day G7 summit in Hiroshima, Japan released on Saturday. 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