At the G7 meeting on 19-21 May, the Group of 7 reaffirmed their commitment to reducing dependence on fossil fuels in order to achieve carbon neutrality by 2050, but also mentioned the importance of continued investment in the gas sector, particularly liquefied natural gas (LNG), to ensure security of supply and reduce prices in the context of the Russian invasion of Ukraine.
“We stress the important role that increased deliveries of LNG can play, and acknowledge that investment in the sector can be appropriate in response to the current crisis and to address potential gas market shortfalls provoked by the crisis”, the G7 leaders said in a Communiqué, further clarifying the role of LNG, compared to the Communiqué of the G7 Environment, Energy and Climate Ministers issued following their ministerial meeting on 15-16 April (see EUROPE 13163/11).
For the G7, public investment in the LNG sector is a “temporary solution” which they consider appropriate to accelerate the phasing out of their dependence on Russian gas.
To see the G7 Communiqué: https://aeur.eu/f/6zt (Original version in French by Pauline Denys)