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Climate Politics

G-7 Leaders Just Made Success at COP27 Even Harder

  • Final communiqué at summit opens door to new gas financing
  • Compromise at Bavaria summit response to global energy crunch
Olaf Scholz departs following his closing news conference on the final day of the G-7 summit in Elmau, Germany, on June 28.
Olaf Scholz departs following his closing news conference on the final day of the G-7 summit in Elmau, Germany, on June 28.Photographer: Liesa Johannssen-Koppitz/Bloomberg

Leaders of the world’s richest economies spent the last three days wrangling over how to balance the need for new energy supplies and their existing emissions pledges. In the end, they reached a compromise that shows just how much Russia’s war in Ukraine is causing climate action to come to a standstill.  

Exactly 12 months ago, at the Group of Seven summit in Carbis Bay, southwest England, leaders from the US, UK, France, Italy, Germany, Japan and Canada said they’d end overseas investment in coal. That deal helped drive climate momentum throughout the year. By September, China, the world’s biggest polluter, said it would stop building overseas coal power stations, while the US pledged to double its share of climate finance for poor countries.