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G-7 to Allow Fossil-Fuel Financing If Climate Pledges Are Kept

  • Compromise G-7 agreement is reached at summit in Germany
  • Leaders’ deal acknowledges energy crisis facing some members
An offshore oil well platform in the Gulf of Mexico.
An offshore oil well platform in the Gulf of Mexico.Photographer: Luke Sharrett/Bloomberg

Group of Seven nations are set to allow some exceptional public financing of overseas fossil-fuel projects to continue provided that the investments are consistent with prior climate-change agreements, according to people familiar with the matter. 

The final text of the leaders’ statement, due to be published Tuesday at the conclusion of a three-day summit in Germany, will temporarily allow public investments in gas projects in limited circumstances given the current energy crisis. At the same time, it will reaffirm that commitments such as those agreed on at the COP26 climate summit in November need to be stuck to, the people said.