The Prague Post - Energy shock tests G7 leaders' climate resolve

EUR -
AED 4.183272
AFN 75.735568
ALL 93.708204
AMD 416.395839
AOA 1044.536686
ARS 1704.59367
AUD 1.627339
AWG 2.050344
AZN 1.94038
BAM 1.955268
BBD 2.294506
BDT 140.631734
BHD 0.429281
BIF 3402.959127
BMD 1.13908
BND 1.469658
BOB 12.821905
BRL 5.787551
BSD 1.139205
BTN 109.206599
BWP 15.641362
BYN 3.26814
BYR 22325.969164
BZD 2.291197
CAD 1.606883
CDF 2574.320515
CHF 0.928332
CLF 0.027367
CLP 1077.091045
CNY 7.713969
CNH 7.708599
COP 3667.029044
CRC 518.461204
CUC 1.13908
CUP 30.185622
CVE 110.235005
CZK 24.156922
DJF 202.872813
DKK 7.475794
DOP 66.283419
DZD 151.88701
EGP 57.704998
ERN 17.086201
ETB 183.881017
FJD 2.53696
FKP 0.855037
GBP 0.855284
GEL 2.990091
GGP 0.855037
GHS 13.260799
GIP 0.855037
GMD 84.291543
GNF 9995.280311
GTQ 8.692597
GYD 238.254584
HKD 8.932848
HNL 30.516366
HRK 7.536381
HTG 148.922747
HUF 359.801045
IDR 20564.438806
ILS 3.459215
IMP 0.855037
INR 109.280778
IQD 1492.42667
IRR 1566235.081968
ISK 142.817623
JEP 0.855037
JMD 180.23096
JOD 0.807611
JPY 186.392258
KES 147.477064
KGS 99.612176
KHR 4601.929629
KMF 494.36103
KRW 1674.504965
KWD 0.353423
KYD 0.949379
KZT 541.340327
LAK 25822.427178
LBP 102019.875387
LKR 383.075766
LRD 206.19842
LSL 19.028039
LTL 3.363408
LVL 0.689018
LYD 7.298014
MAD 10.664798
MDL 20.022343
MGA 4898.71008
MKD 61.513262
MMK 2391.543122
MNT 4091.030743
MOP 9.201998
MRU 45.477626
MUR 53.923685
MVR 17.598737
MWK 1975.440529
MXN 19.883132
MYR 4.653714
MZN 72.785473
NAD 19.028874
NGN 1552.953771
NIO 41.918594
NOK 10.983756
NPR 174.723458
NZD 1.966627
OMR 0.437981
PAB 1.13921
PEN 3.871047
PGK 5.100612
PHP 70.345601
PKR 316.445496
PLN 4.32286
PYG 6889.125488
QAR 4.15297
RON 5.232142
RSD 117.436865
RUB 88.845924
RWF 1677.009941
SAR 4.268917
SBD 9.205025
SCR 16.824722
SDG 684.006786
SEK 11.04415
SGD 1.469738
SLE 27.594175
SOS 651.022858
SRD 43.048681
STD 23576.657436
STN 24.493658
SVC 9.968288
SZL 19.02574
THB 38.240629
TJS 10.515354
TMT 3.98678
TND 3.375082
TRY 53.944569
TTD 7.736963
TWD 36.794572
TZS 3007.134902
UAH 51.163479
UGX 4277.892331
USD 1.13908
UYU 45.747552
UZS 13642.28797
VES 844.401646
VND 29974.891763
VUV 135.651142
WST 3.13967
XAF 655.804465
XAG 0.019294
XAU 0.000278
XCD 3.078421
XCG 2.053141
XDR 0.814931
XOF 655.778564
XPF 119.331742
YER 271.727253
ZAR 19.066241
ZMK 10253.084262
ZMW 21.286862
ZWL 366.783314
  • CMSC

    -0.0650

    21.725

    -0.3%

  • RIO

    -0.2900

    91.22

    -0.32%

  • RELX

    1.5500

    34.41

    +4.5%

  • BCC

    1.3800

    77.84

    +1.77%

  • RYCEF

    -0.1900

    18.17

    -1.05%

  • BCE

    0.0900

    21.3

    +0.42%

  • JRI

    0.1600

    13.06

    +1.23%

  • VOD

    -0.1000

    15.15

    -0.66%

  • RBGPF

    -0.7300

    66

    -1.11%

  • NGG

    -0.0700

    82.3

    -0.09%

  • CMSD

    -0.0200

    21.98

    -0.09%

  • BTI

    1.1200

    60.96

    +1.84%

  • GSK

    0.6100

    51.35

    +1.19%

  • BP

    -0.1100

    43.82

    -0.25%

  • AZN

    0.9900

    169.26

    +0.58%

Energy shock tests G7 leaders' climate resolve
Energy shock tests G7 leaders' climate resolve / Photo: Ina FASSBENDER - 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.

D.Kovar--TPP