Skip to content
Green
Future of British Business

G-7 Leaders Favor LNG Investment in U-Turn Due to Energy Crisis

  • G-7 agrees to back public financing in gas as Russia shunned
  • More than 20 LNG import terminals are planned in Europe
Leaders from the Group of Seven prior to a meeting on the final day of the G-7 summit at the Schloss Elmau luxury hotel in Elmau, Germany, on June 28.

Leaders from the Group of Seven prior to a meeting on the final day of the G-7 summit at the Schloss Elmau luxury hotel in Elmau, Germany, on June 28.

Photographer: Liesa Johannssen-Koppitz/Bloomberg
Updated on

Investments in liquefied natural gas -- already booming as Europe seeks to cut its energy dependence on Russia -- are set to get another boost, even amid longstanding climate concerns.

Leaders from the Group of Seven, representing the world’s richest economies, on Tuesday supported temporary public investments in gas projects to help navigate an unprecedented energy crisis that’s contributing to inflation and leading to more coal use in power generation.