Skip to content

G-7 Edges Closer to Ditching Pledge to End Fossil-Fuel Financing

  • Russia’s war has prompted European race for gas alternatives
  • Move would represent a setback for global climate action
Video player cover image
G-7 Leaders to Explore a Price Cap on Russian Gas

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 favorably by most members, according to people familiar with the matter. 

G-7 leaders meeting in the Bavarian Alps are converging on a reference to the increased role of gas projects, a consequence of Russia’s invasion of Ukraine straining their energy supply.