Last week, top ministers from the G7 nations held a two-day meeting in Sapporo, Japan, with the aim of setting ambitious goals to reduce CO2 emissions – specifically in the utilities sector.
Group of Seven nations are unlikely to revise a price cap on Russian oil this week, despite initial evidence that crude is selling well below the current $60 threshold.
US President Joe Biden and Indonesian President Joko Widodo announced a climate finance deal providing $20 billion to help Indonesia pivot away from coal power.
The G7 and its partners have made multi-billion dollar offers to wean Vietnam, Indonesia and India away from coal — but it has yet to convince these emerging economies to quit the dirtiest fossil fuel, reported POLTICO.
The Group of Seven is moving toward reversing a commitment to halt the financing of overseas fossil-fuel projects by year’s end, a proposal now viewed favourably by most members, according to people familiar with the matter.
Oil fluctuated as investors weighed a pledge by the Group of Seven to ban imports of Russian crude against a cut in official prices by Saudi Arabia and the impact of China’s energy-sapping lockdowns.
Energy ministers from the Group of Seven developed nations on Thursday agreed to boost efforts to cut their dependency on energy imports from Russia, Japanese industry minister Koichi Hagiuda said, reported Nikkei Asia.