G7 close to reversal on vow to end fossil fuel funding

The G7 made a big show of pledging to end public funding for fossil fuel projects by the end of this year in May, but now – at the urging of Germany and Japan – is on the point of going back on this promise.

We commit to ending new direct public support for the unrelenting international fossil fuel sector by the end of 2022,” the G7 energy and climate ministers said in a joint statement to the outcome of the May talks.

Now, reports this week say the G7 statement “will recognize that state-backed investment in the gas sector is needed.”

It is an embarrassing reminder of the poor political planning that was always, inevitably, to lead to an energy crisis. Now governments are begging oil and gas companies to drill more while compounding the stupidity by implementing windfall taxes.

I don’t see how this is getting closer to the end of the energy crisis.

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