Germany urges G7 not to stop funding fossil fuel projects - Bloomberg

Germany is insisting that G7 countries continue to fund foreign fossil fuel projects by the end of the year, told people familiar with the matter Bloomberg. The agency called the eventual abandonment of this commitment a major setback in the fight against climate change.

As follows from the project, which Bloomberg got acquainted with, the G7 countries should recognize that financial support for the gas sector by the state is needed "as a temporary response to the current energy crisis." The text includes a caveat that the funding will be “in line with climate goals” and will not remain on a permanent basis.

Discussions on the project are ongoing, Bloomberg notes. According to two interlocutors of the agency who are familiar with them, the UK opposed the initiative. Another source stated that Italy had "no active resistance" to the German proposal. At the same time, a spokesman for the Italian government responded to Bloomberg's request that Italy does not support Germany's idea. The German government declined to comment.

• The G7 summit is scheduled for June 26-28 at Elmau Castle in Bavaria. The text of the project can be changed before it starts.

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