G7 reaffirms the commitment to phase out the dependency on Russian energy

The Leaders of the Group of Seven (G7), met in Elmau on 26-28 June 2022 and issued G7 Leaders’ Communiqué. G7 reaffirms it's commitment to phase out the dependency on Russian energy.

G7 stresses the important role increased deliveries of LNG can play, and acknowledge that investment in this sector is necessary in response to the current crisis.

G7 welcomes the decision of the European Union to explore with international partners ways to curb rising energy prices, including the feasibility of introducing temporary import price caps where appropriate. As for oil, G7 will consider a range of approaches, including options for a possible comprehensive prohibition of all services, which enable transportation of Russian seaborne crude oil and petroleum products globally, unless the oil is purchased at or below a price to be agreed in consultation with international partners.

G7 will reduce it's overall reliance on fossil fuels and accelerate the clean energy transition towards achieving net-zero emissions no later than 2050.

G7 will support partners in developing countries and emerging markets to also make their just transitions to clean energy through ambitious new development partnerships and accelerating access to financing, including through Just Energy Transition Partnerships (JETPs), supported by the G7 Partnership for Global Infrastructure and Investment (PGII).

G7 have ended new direct government support for unabated international thermal coal power generation by the end of 2021. In addition, G7 commits to end new direct public support for the international unabated fossil fuel energy sector by the end of 2022, except in limited circumstances clearly defined by each country consistent with a 1.5°C warming limit and the goals of the Paris Agreement.

G7 acknowledges that a greenhouse gas neutral energy supply with strong reliance on energy efficiency and renewable energy is economically sensible, technically feasible, reliable and safe. To this end, G7 commit to achieving a fully or predominantly decarbonised power sector by 2035.

G7 will increase electricity generated by renewable energies, as well as the use of renewables in all sectors, and commit to remove barriers and obstacles that currently hinder or slow down the expansion of renewable energies and to reduce energy consumption.