Biden opposes G7 investment in foreign fuel projects

According to Bloomberg, Germany is trying to persuade the G7 to drop its commitment to cut investment in foreign fossil fuel projects. A White House spokesman said Biden does not consider this “the right course” ” alt=”Biden opposes G7 investment in foreign fuel projects” />

Joe Biden

U.S. President Joe Biden does not see the right to invest in fossil fuels outside the G7 countries, the council's strategic communications coordinator said at a briefing National Security Council (NSC) White House John Kirby.

This is how he commented on Bloomberg's information about Germany's desire to convince the G7 countries to abandon their obligation to reduce investment in foreign fossil fuel projects by the end of the year.

“The President clearly said that he did not consider these investments (in fossil fuels. — RBC) on the right course. I am not aware that there has been a change to this policy,— said Kirby.

According to Bloomberg, Germany, because of the situation in Ukraine, insists that the G7 countries waive their obligations to cut funding for foreign projects for the extraction of fossil fuels. A document in the agency's possession states that “The G7 needs to recognize that state-supported investments in the gas sector are needed as a temporary response to the current energy crisis.”

Text remains under discussion and may be changed before the G7 leaders hold a summit in Germany, the agency said.

A Bloomberg source familiar with the discussion of the project said that Italy did not oppose the German proposal, as it is heavily dependent on Russian gas.

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After the start of the Russian special operation in Ukraine, Western countries, including the EU and the USA, have already introduced several package of sanctions. Restrictions have affected the energy industry, and gas and oil prices have reached record levels.

In mid-June, Gazprom announced a reduction in gas pumping through Nord Stream 1; due to the delay in the repair of units by Siemens (it decided to leave the Russian market in mid-May). The company explained that the turbines are under repair in Canada, their export from there is difficult due to sanctions. The volume of deliveries decreased to 100 million cubic meters. m per day with a planned volume of 167 million cubic meters. m. June 15 at Gazprom reported that the volume of pumping will decrease to 67 million cubic meters. m.

After that, the German authorities decided to increase the load on coal-fired power plants and reduce the use of gas in industry in order to increase fuel supplies for the winter period. “Gas consumption must continue to fall, so more gas must be stored in storage, otherwise it will be very difficult in winter,” — said German Energy Minister Robert Habek.

Due to the risk of gas shortages, the Netherlands Cabinet also decided to lift the restriction on the operation of coal-fired power plants for the period from 2022 to 2024. “The cabinet will soon propose additional measures to reduce CO2 emissions and offset emissions from coal-fired power plants,” clarified the Minister for Climate and Energy Policy of the Netherlands Rob Jetten.

Reuters reported that the authorities of Italy, Denmark and Austria also thought about resuming the work of coal-fired power plants.

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