G7: Public investments in the gas sector may be ‘temporarily acceptable’

Members of the G7 group accept public investments in the gas sector temporarily while countries accelerate efforts to achieve energy independence from Russia, according to a draft joint statement that also includes a provision for a world without nuclear weapons and sanctions against the Russian mining sector.

If the final statement on Sunday, after the conclusion of the G7 leaders’ meeting in Japan, remains identical to the draft in possession of Reuters, it will represent a stronger support from the world’s largest economies for investments in the gas sector compared to the ministerial meeting last month.

G7 climate ministers in April agreed, despite disagreements between Japan and European countries, that gas investments “may be acceptable to help potential market shortfalls” arising from the Russian invasion of Ukraine and its consequences on the energy market.

– In extraordinary circumstances of accelerating the abandonment of our dependence on Russian energy, publicly funded investments in the gas sector may be accepted as a temporary response, if implemented in a manner consistent with our climate goals – states the draft.

It reiterates the support of the seven countries for the goal of net-zero greenhouse gas emissions by 2050 at the latest and emphasizes the ‘real and urgent’ need to accelerate the green transition as a means of achieving energy security.

A world without nuclear weapons

– Recognizing the primary need to accelerate the transition to clean energy, we emphasize the important role that increased LNG supplies can have – states the draft.

It reaffirms the ambitious goals for the development of offshore wind farms and solar generators agreed upon last month in Sapporo.

G7 leaders are expected to express in the final document a “commitment to achieving a world without nuclear weapons,” safe for all, through a “realistic, pragmatic, and responsible approach.”

Reuters emphasizes that this draft is not final and may be amended by the end of the summit on Sunday.

The final text of the statement is expected to be published on Sunday, after three days of meetings in Hiroshima, Japan.

Sanctions against the Russian mining industry

European Council President Charles Michel announced that Europe will also impose sanctions on Russian diamonds, and the United Kingdom announced new sanctions against the Russian mining industry at the beginning of the meeting on Friday, primarily targeting aluminum, diamonds, and copper. Russia exported diamonds worth about $4 to $5 billion in 2021.

G7 leaders are also expected to discuss a range of other sanctions against Russia, including U.S. measures to place 70 Russian and foreign entities on the U.S. trade blacklist.

Britain will also target an additional 86 individuals and companies from Putin’s military-industrial complex, along with those involved in the energy, metals, and shipping industries, it was stated at the meeting. On Sunday, the seven leaders will be joined by Ukrainian President Volodymyr Zelensky.