'Morally Bankrupt' G7 Slammed for 'Caving' to Fossil Fuel Lobby on Climate

6/28/2022 9:55:00 PM

'People in poverty around the world will pay the highest price for this backtrack by some of the wealthiest countries,' one activist warned of the group's new statement on gas investments.

'The G7 countries have once again proved that they are morally bankrupt and have no real intention to solve the climate crisis and take responsibility for this crisis,' said TasneemEssop of CANIntl.

'People in poverty around the world will pay the highest price for this backtrack by some of the wealthiest countries,' one activist warned of the group's new statement on gas investments.

"The G7 countries have once again proved that they are morally bankrupt and have no real intention to solve the climate crisis and take responsibility for this crisis caused by their disproportionate use and relentless support for fossil fuels."

celebratedThe G7 is a forum of Germany, Canada, France, Italy, Japan, the United Kingdom, and the United States of America, plus the European Union. Germany currently holds the presidency, which will shift to Japan next year.a communiqué that frames new investment in the liquefied natural gas (LNG) industry as a necessary response to Russia's war on Ukraine and the related impacts on global fossil fuel supplies.

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EXCLUSIVE Japan pushes to remove zero-emission vehicle target from G7 statement, draft showsJapan is pushing to remove a target for zero-emission vehicles from a G7 communique expected this week, according to a proposed draft seen by Reuters, a move that would water down language on climate change from the leaders' summit in Germany.

Oil prices volatile ahead of G7 discussions on Russian exportsOil prices edged down on Monday in a volatile session as investors stood on guard for any moves against Russian oil and gas exports that might come out of a meeting of leaders of the Group of Seven (G7) nations in Germany.

Russia steps up missile strikes on Ukraine as G7 leaders gatherRussian missiles hit an apartment block and kindergarten in strikes that U.S. President Joe Biden condemned as 'barbarism,' while world leaders gathered in Europe to discuss further sanctions against Moscow including an import ban on gold. They all think he is a clown What a diverse bunch. That's rich coming from the americans

Gold Price Forecast: XAU/USD advances to near $1,840 as G7 bans Russian gold importsGold Price Forecast: XAU/USD advances to near $1,840 as G7 bans Russian gold imports By Sagar_Dua24 Gold DollarIndex RussianFederation Inflation EconomicIndicator

US pledges $200B to G7 infrastructure project to counter China’s Belt and Road InitiativePresident Biden said the the United States will pledge $200 billion to infrastructure investment programs that will counter China’s Belt and Road Initiative. Looks like we got shaken down and scammed We don't have that kind of money. There goes another $200B! Start the printing presses!

Ukraine Live Updates: As G7 Meets, Russia Strikes KyivPresident Biden said the world’s wealthiest democracies would ban imports of Russian gold, as their G7 summit in Germany sought ways to further isolate Moscow. Russia remained defiant, unleashing a barrage of missiles at Ukraine’s capital. 🤣🤣🤣🤣🤣🤣🤣 they can’t even protect women and girls here. 🤦🏻‍♀️

"People in poverty around the world will pay the highest price for this backtrack by some of the wealthiest countries," one activist warned of the group's new statement on gas investments.Register now for FREE unlimited access to Reuters.The prospect of more supply tightness loomed over the market as western governments sought ways to cut Russia's ability to fund its war in Ukraine, even though G7 leaders were also expected to discuss a revival of the Iran nuclear deal, which might lead to more Iranian oil exports.Register now for FREE unlimited access to Reuters.

Jessica Corbett June 28, 2022 "The G7 countries have once again proved that they are morally bankrupt and have no real intention to solve the climate crisis and take responsibility for this crisis caused by their disproportionate use and relentless support for fossil fuels." "The G7. In its place it has proposed a less concrete target of "significantly increasing the sale, share and uptake of zero-emission light duty vehicles recognising the range of pathways that members are adopting to approach these goals", according to the draft..com Register But, for now, the pressing supply worries outweighed growing concerns over the potential for a global recession following a string of downbeat economic data from the U.. It was not clear whether the proposed changes would be in the final version of the communique, which is due to be released at the end of the summit on Tuesday. has prioritized filling the pockets of the fossil gas industry over protecting peoples' lives. "The Russians hit Kyiv again.

" That's how Tasneem Essop, executive director of Climate Action Network International, responded Tuesday to the Group of Seven (G7) watering down a May commitment that campaigners had celebrated at the time as a"massive win. AUTO INDUSTRY WANTS RANGE OF OPTIONS Separately, Japan had pushed to remove a goal for all new car and van sales in G7 countries to be "zero emission vehicles" by 2035, in the G7 climate ministers' communique in late May, according to sources familiar with the discussions and a draft communique seen by Reuters. Brent crude futures edged down 8 cents to $113." G7 nations last month pledged 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 that are consistent with a 1.5°C warming limit and the goals of the Paris agreement. Reuters reported last week that Toyota Motor Corp's." The G7 is a forum of Germany, Canada, France, Italy, Japan, the United Kingdom, and the United States of America, plus the European Union. U. Germany currently holds the presidency, which will shift to Japan next year. He said explosions heard later in other parts if Kyiv were air defences destroying further incoming missiles.

Following a three-day meeting in Germany that also included representatives from Argentina, India, Indonesia, Senegal, and South Africa, G7 leaders on Tuesday issued a communiqué that frames new investment in the liquefied natural gas (LNG) industry as a necessary response to Russia's war on Ukraine and the related impacts on global fossil fuel supplies. The G7 statement says that"with a view to accelerating the phase-out of our dependency on Russian energy, we stress the important role increased deliveries of LNG can play, and acknowledge that investment in this sector is necessary in response to the current crisis.38 a barrel, down 24 cents, or 0." "In these exceptional circumstances, publicly supported investment in the gas sector can be appropriate as a temporary response, subject to clearly defined national circumstances, and if implemented in a manner consistent with our climate objectives and without creating lock-in effects, for example by ensuring that projects are integrated into national strategies for the development of low-carbon and renewable hydrogen," the statement adds. That position was swiftly rejected by climate campaigners around the world, who have pointed to the war as further evidence of the need for a global shift to renewable energy since Russia invaded Ukraine in late February. Laurie van der Burg, co-manager of global public finance at Oil Change International (OCI), specifically targeted German Chancellor Olaf Scholz. Both contracts fell last week for the second week in a row as interest rate hikes in key economies strengthened the dollar and fanned recession fears. British Prime Minister Boris Johnson said the West needed to maintain a united front against Russian President Vladimir Putin.

"Today the G7 under the leadership of Chancellor Scholz has prioritized filling the pockets of the fossil gas industry over protecting peoples' lives," she asserted, adding that the weakened pledge"cannot be allowed to turn into a huge missed opportunity to shift $33 billion a year to real solutions." The campaigner continued: Investing in new gas infrastructure is not a viable strategy to reduce Russian fossil fuel imports—these projects take years to build and do not support energy security in the long run. Renewable energy and efficiency solutions can be deployed faster, better serve development and energy access needs, and do not come with the stranded assets and financial stability risks of fossil gas. "There seems to be a macro vs fundamentals battle going on at the moment," Warren Patterson, ING's head of commodity research said. The G7 caving in to fossil fuel interests is a bad look for Germany and must not derail parallel efforts to implement a near-identical commitment to end international public finance for fossil fuels adopted by 39 countries and institutions at the U.N. In his nightly address, Ukraine President Volodymyr Zelenskiy said a wounded seven-year-old girl was pulled from the rubble of a nine-storey apartment block.

climate conference last year.. We cannot afford this kind of backsliding. There are lives on the line and we will hold countries accountable. Her comments were echoed by other activists, such as Paul Cook, head of advocacy at Tearfund, who warned that"people in poverty around the world will pay the highest price for this backtrack by some of the wealthiest countries." Nnimmo Bassey, director of health at Mother Earth Foundation, said that"we are not surprised at the move by the G7 to invest in dirty and to serve the interest of the dirty fossil fuel industry instead of investing in clean renewable energy sources. Zelenskiy said on Sunday that Ukrainian defences had only managed to shoot down some of the 62 missiles that Russian had fired in the previous 24 hours and reiterated Kyiv's demand for partners to supply modern air defence systems.

" "Leaders of the G7 countries have been the main agents for polluting corporations, and they have worked together to scuttle climate negotiations, enthrone futile voluntary emissions reduction systems, promote false climate solutions, encourage land grabs, and expose vulnerable nations to extreme harms," Bassey noted, demanding accountability. Oxfam's head of inequality policy, Max Lawson, the forum's missteps on climate and global hunger, declaring that"instead of doing what is needed, the G7 are leaving millions to starve and cooking the planet." Related Content Jake Johnson OCI U.S. program manager Collin Rees called the G7's climate declaration"an egregious betrayal of President Joe Biden's climate commitments," a critique echoed by Kate DeAngelis at Friends of the Earth (FOE) U. Russia's defence ministry said it had used high-precision weapons to strike Ukrainian army training centres in the regions of Chernihiv, Zhytomyr and Lviv, an apparent reference to strikes reported by Ukraine on Saturday.

S. "The G7 countries are failing as true climate leaders by abandoning their Glasgow commitments and holding up LNG as an energy response," DeAngelis said, referencing the pledge from the 2021 U.N. summit."The United States is the largest historical contributor to the global climate crisis, yet the administration is encouraging the build-out of fossil fuel infrastructure both domestically and internationally. The military focus is now on Lysychansk, Sievierodonetsk's twin city, and the last major city held by Ukraine in Luhansk.

" OCI highlighted that the G7 commitment was notable in part because it included Japan, which did not sign on to the Glasgow pledge and"is the second largest provider of international public finance for fossil fuels, pouring $11 billion into dirty overseas fossil fuel projects each year." FOE Japan campaigner Ayumi Fukakusa said that her nation's"stubborn addiction to fossil fuels is undermining the urgent action we need for climate and energy security." "This is just the latest example of Japan blocking climate action at the G7 and other international fora," she added."As next year's G7 host, Japan must strengthen its commitment to phase out oil and gas finance and implement it with integrity in order to protect our planet." Our work is licensed under Creative Commons (CC BY-NC-ND 3. The plant's surrounding industrial area was the last part of Sievierodonetsk held by Ukrainian forces.

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