Zürcher Nachrichten - Energy shock tests G7 leaders' climate resolve

EUR -
AED 4.248565
AFN 75.785455
ALL 92.840476
AMD 423.075589
ANG 2.070526
AOA 1061.996261
ARS 1725.818393
AUD 1.633312
AWG 2.083792
AZN 1.954527
BAM 1.956956
BBD 2.328917
BDT 141.935094
BGN 1.962456
BHD 0.436084
BIF 3456.851777
BMD 1.156859
BND 1.479063
BOB 13.475963
BRL 5.988133
BSD 1.156353
BTN 110.278162
BWP 15.578148
BYN 3.517091
BYR 22674.428015
BZD 2.325474
CAD 1.604927
CDF 2629.539733
CHF 0.938814
CLF 0.02684
CLP 1056.281293
CNY 7.800927
CNH 7.799211
COP 3615.854016
CRC 520.238881
CUC 1.156859
CUP 30.656752
CVE 110.334964
CZK 24.202642
DJF 205.901665
DKK 7.475539
DOP 67.684089
DZD 153.61445
EGP 58.162455
ERN 17.352879
ETB 187.043321
FJD 2.560649
FKP 0.857206
GBP 0.854485
GEL 3.019582
GGP 0.857206
GHS 12.661481
GIP 0.857206
GMD 85.034506
GNF 10157.440905
GTQ 8.822289
GYD 241.862914
HKD 9.07828
HNL 30.998192
HRK 7.535311
HTG 151.248523
HUF 362.438588
IDR 20581.670858
ILS 3.411651
IMP 0.857206
INR 110.363672
IQD 1514.786725
IRR 1590203.33482
ISK 142.18916
JEP 0.857206
JMD 183.119283
JOD 0.820194
JPY 183.914485
KES 149.685774
KGS 101.167326
KHR 4678.764619
KMF 493.978398
KPW 1041.173055
KRW 1632.009301
KWD 0.357099
KYD 0.963628
KZT 536.559512
LAK 26096.420024
LBP 103542.882097
LKR 384.780644
LRD 209.876713
LSL 18.705915
LTL 3.415903
LVL 0.699772
LYD 7.362732
MAD 10.724893
MDL 20.051061
MGA 4977.941399
MKD 61.570106
MMK 2428.724962
MNT 4161.604965
MOP 9.345722
MRU 46.43584
MUR 54.488414
MVR 17.873537
MWK 2004.984719
MXN 19.662472
MYR 4.727036
MZN 73.934634
NAD 18.705753
NGN 1573.385539
NIO 42.557354
NOK 10.932891
NPR 176.455943
NZD 1.964086
OMR 0.444809
PAB 1.156283
PEN 3.900107
PGK 5.194339
PHP 70.990603
PKR 321.170209
PLN 4.306331
PYG 6940.100812
QAR 4.215309
RON 5.242535
RSD 117.340344
RUB 97.26666
RWF 1700.407637
SAR 4.346577
SBD 9.311072
SCR 15.884866
SDG 694.692625
SEK 11.000209
SGD 1.478587
SHP 0.857077
SLE 28.34026
SLL 24258.744935
SOS 660.830462
SRD 43.639594
STD 23944.636756
STN 24.51597
SVC 10.117416
SYP 15041.475047
SZL 18.704184
THB 38.318633
TJS 10.678009
TMT 4.060574
TND 3.390103
TOP 2.785438
TRY 55.395282
TTD 7.834103
TWD 36.955268
TZS 3065.278426
UAH 51.727948
UGX 4295.798263
USD 1.156859
UYU 46.329578
UZS 13765.252691
VES 890.907313
VND 30250.116375
VUV 137.217304
WST 3.162453
XAF 656.344825
XAG 0.017805
XAU 0.000265
XCD 3.126468
XCG 2.083957
XDR 0.817959
XOF 656.378888
XPF 119.331742
YER 274.412202
ZAR 18.699005
ZMK 10413.115684
ZMW 21.852913
ZWL 372.507988
  • BCC

    -0.4600

    83.67

    -0.55%

  • RBGPF

    -0.8200

    71.34

    -1.15%

  • CMSC

    0.0050

    21.48

    +0.02%

  • GSK

    -0.8785

    49.12

    -1.79%

  • JRI

    0.1045

    12.651

    +0.83%

  • BCE

    0.1150

    23.435

    +0.49%

  • RIO

    -0.3300

    95.76

    -0.34%

  • CMSD

    0.0000

    21.59

    0%

  • NGG

    -0.3050

    80.895

    -0.38%

  • BTI

    -0.3400

    57.01

    -0.6%

  • RYCEF

    0.0100

    20.72

    +0.05%

  • RELX

    -0.1250

    34.545

    -0.36%

  • AZN

    -1.8900

    155.35

    -1.22%

  • VOD

    0.1250

    16.345

    +0.76%

  • BP

    0.2696

    42.58

    +0.63%

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.

X.Blaser--NZN