Daily Management Review

Germany calls on G7 to continue investing in gas production


According to Bloomberg, Germany has urged the G7 to back out on its pledge to stop funding the production of fossil fuels. Berlin claimed that the G7 nations should acknowledge the necessity for financial assistance for the gas industry as a reaction to the current energy crisis.

Germany encouraged the G7 to drop the requirement to stop funding international fossil fuel production projects by the end of 202, as reported by Bloomberg.

German authorities want that the G7 nations acknowledge that "state-supported investments into the gas sector are necessary as a temporary reaction to the current energy crisis," according to the draft paper that the agency became familiar with. It is suggested that the financing continue in keeping with our climate goals.

Two people who spoke with Bloomberg claim that the UK rejected the initiative. Italy, which, like Germany, is mostly dependent on Russian gas, is not "actively opposed," according to a source involved with the conversations who spoke to Bloomberg. At the same time, an official from the Italian government informed Bloomberg that Rome is opposed to the notion. The German administration chose not to respond.

source: bloomberg.com