The Fort Worth Press - Energy shock tests G7 leaders' climate resolve

USD -
AED 3.672499
AFN 66.000172
ALL 81.915831
AMD 380.151858
ANG 1.79008
AOA 916.999991
ARS 1452.0001
AUD 1.436163
AWG 1.8
AZN 1.698478
BAM 1.655536
BBD 2.022821
BDT 122.831966
BGN 1.67937
BHD 0.377077
BIF 2987.661537
BMD 1
BND 1.276711
BOB 6.964795
BRL 5.261801
BSD 1.004342
BTN 91.842522
BWP 13.228461
BYN 2.875814
BYR 19600
BZD 2.019858
CAD 1.36782
CDF 2155.000038
CHF 0.778496
CLF 0.021907
CLP 865.000438
CNY 6.946499
CNH 6.93615
COP 3612
CRC 498.70812
CUC 1
CUP 26.5
CVE 93.33655
CZK 20.59045
DJF 178.843207
DKK 6.32741
DOP 63.484264
DZD 129.927036
EGP 47.084604
ERN 15
ETB 156.676691
EUR 0.84724
FJD 2.206603
FKP 0.729754
GBP 0.73136
GEL 2.69496
GGP 0.729754
GHS 11.012638
GIP 0.729754
GMD 73.498019
GNF 8819.592694
GTQ 7.706307
GYD 210.120453
HKD 7.81115
HNL 26.532255
HRK 6.384199
HTG 131.728867
HUF 322.649652
IDR 16776
ILS 3.10084
IMP 0.729754
INR 90.299501
IQD 1315.670299
IRR 42125.000158
ISK 123.019691
JEP 0.729754
JMD 157.811362
JOD 0.708991
JPY 155.542502
KES 129.550374
KGS 87.450291
KHR 4046.744687
KMF 417.999937
KPW 900
KRW 1450.770151
KWD 0.30715
KYD 0.836906
KZT 507.178168
LAK 21598.652412
LBP 89936.006501
LKR 311.010475
LRD 186.300651
LSL 16.079552
LTL 2.95274
LVL 0.60489
LYD 6.345176
MAD 9.158604
MDL 17.00314
MGA 4482.056104
MKD 52.227297
MMK 2099.986463
MNT 3564.625242
MOP 8.079484
MRU 39.911729
MUR 45.649967
MVR 15.449833
MWK 1742.758273
MXN 17.38225
MYR 3.945497
MZN 63.749689
NAD 16.079688
NGN 1400.540255
NIO 36.985739
NOK 9.697115
NPR 147.062561
NZD 1.663355
OMR 0.3845
PAB 1.004342
PEN 3.382683
PGK 4.306869
PHP 58.866499
PKR 281.341223
PLN 3.57701
PYG 6677.840135
QAR 3.671415
RON 4.317502
RSD 99.503989
RUB 76.449696
RWF 1469.427172
SAR 3.750059
SBD 8.058101
SCR 15.05913
SDG 601.5051
SEK 8.951115
SGD 1.270985
SHP 0.750259
SLE 24.475031
SLL 20969.499267
SOS 574.437084
SRD 38.025018
STD 20697.981008
STN 20.754973
SVC 8.788065
SYP 11059.574895
SZL 16.083999
THB 31.501499
TJS 9.380296
TMT 3.51
TND 2.897568
TOP 2.40776
TRY 43.479195
TTD 6.79979
TWD 31.572001
TZS 2588.080817
UAH 43.28509
UGX 3587.360437
UYU 38.963238
UZS 12278.117779
VES 369.79158
VND 25997.5
VUV 119.156711
WST 2.710781
XAF 555.683849
XAG 0.012162
XAU 0.000209
XCD 2.70255
XCG 1.81001
XDR 0.691072
XOF 555.251107
XPF 100.950591
YER 238.375016
ZAR 16.02862
ZMK 9001.200706
ZMW 19.709321
ZWL 321.999592
  • SCS

    0.0200

    16.14

    +0.12%

  • BCC

    0.9400

    81.75

    +1.15%

  • NGG

    -0.6600

    84.61

    -0.78%

  • BTI

    0.3100

    60.99

    +0.51%

  • CMSC

    -0.0100

    23.75

    -0.04%

  • JRI

    0.0700

    13.15

    +0.53%

  • BCE

    -0.0300

    25.83

    -0.12%

  • CMSD

    0.0300

    24.08

    +0.12%

  • BP

    -0.1800

    37.7

    -0.48%

  • RBGPF

    0.1000

    82.5

    +0.12%

  • GSK

    0.8700

    52.47

    +1.66%

  • RIO

    1.4900

    92.52

    +1.61%

  • RYCEF

    0.7000

    16.7

    +4.19%

  • RELX

    -0.2700

    35.53

    -0.76%

  • VOD

    0.2600

    14.91

    +1.74%

  • AZN

    1.3100

    188.41

    +0.7%

Energy shock tests G7 leaders' climate resolve
Energy shock tests G7 leaders' climate resolve / Photo: © AFP/File

Energy shock tests G7 leaders' climate resolve

Leaders of the Group of Seven rich nations will be under pressure to stick to climate pledges in Bavaria from Sunday, as Russia's energy cuts trigger a dash back to planet-heating fossil fuels.

Text size:

Germany finds itself in an awkward position as G7 summit host, having recently announced that Europe's biggest economy will burn more coal to offset a drop in Russian gas supplies amid deteriorating ties over the war in Ukraine.

Chancellor Olaf Scholz nevertheless insists the G7 remains committed to the Paris agreement of limiting global temperature increases to 1.5 degrees Celsius, and achieving carbon neutrality by 2050.

But concerns are growing that Scholz will use the gathering to push G7 partners to water down a previous promise to stop financing gas and oil projects abroad by the end of the year.

"That would be a real setback," said Alden Meyer, a senior associate at climate policy think tank E3G.

"Scholz could go down in history as the climate backtracking chancellor."

US President Joe Biden, French President Emmanuel Macron and their counterparts from Britain, Italy, Canada and Japan will all be joining Scholz at the luxurious Elmau Castle from Sunday to Tuesday.

Thousands of people marched in the city of Munich on the eve of the summit to urge G7 leaders to do more to fight climate change.

- 'Bitter' coal comeback -

With the impact of the climate crisis already being felt across the globe through devastating floods, rising seas and crop-wilting droughts, the summit will be closely watched for fresh funding pledges to help poor nations cope.

But hopes of a breakthrough are low, as the conflict in Ukraine dominates the agenda and Western attention shifts to the vast sums that will be needed to rebuild the country.

"Before the war there was a clear intent, also from Germany, to really deliver on climate finance and this seems off the table now," said Susanne Droege, a climate policy analyst at Germany's Institute for International and Security Affairs (SWP).

Soaring energy prices and fears that Moscow could abruptly cut off supplies have left European nations scrambling to wean themselves off Russian oil, coal and gas.

With renewables like solar and wind power not yet a widely available alternative, countries including Germany, Italy, the Netherlands and Austria are reverting to fossil fuels to plug the gap.

German Energy Minister Robert Habeck, a Green party politician, called the decision to reactivate mothballed coal-fired plants "bitter" but necessary for energy security.

He stressed that Germany was still on track to close its coal plants by 2030 and remained committed to a massive shift towards renewable energy.

Droege said Russia's aggression in Ukraine had exposed the risks of fossil fuel dependency.

"The only benefit of this war is that... understanding has increased that renewable sources of energy will pay off," said Droege.

- 'Empty promises' -

Environmentalists say a key focus of the G7 climate talks should be on helping the most vulnerable nations that are already bearing the brunt of the climate emergency.

"In the Horn of Africa, a terrible drought is leaving over 18 million people suffering from food insecurity," Ugandan youth activist Vanessa Nakate told reporters ahead of the summit.

"We are tired of empty promises. We need the G7 countries to put money on the table for loss and damage."

Scholz himself aims to launch a "climate club" that would see willing nations agree to play by the same rules to avoid competitive disadvantages.

This could include setting carbon pricing standards or uniform regulations on what constitutes green hydrogen. Japan and the United States however have no plans to introduce a national carbon price.

Observers say strong signals are needed from the G7 ahead of the United Nations COP27 climate talks in Egypt in November.

The final G7 statement will be scoured for any walking back of previous pledges, including a promise to largely decarbonise their countries' electricity sectors by 2035.

A long-standing promise by wealthy nations to spend $100 billion a year from 2020 to help developing countries adapt to climate change remains unmet.

N.Patterson--TFWP