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G7 leaders debate fossil fuel investments amid energy crisis

Reuters · last updated

SCHLOSS ELMAU, Germany, June 26 (Reuters) — Some of the leaders of the Group of Seven (G7) rich democracies are pushing for an acknowledgement of the need for new financing for fossil energies investments, two sources told Reuters on Sunday, as European states scramble to diversify supplies.

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Related Knowledge Center: Energy security and pricing

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The United States achieved net energy independence in 2020, but that has not insulated the nation from the roiling of energy markets in the wake of the Russian invasion of Ukraine. Europe has been a large consumer of Russian natural gas, and the effort to wean itself, with the help of the United States, has strained markets and endangered global efforts to address the climate crisis.

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