Biden opposes G7 investment in foreign fuel projects

According to Bloomberg, Germany is trying to persuade the G7 to drop its commitment to cut investment in foreign fossil fuel projects. The White House spokesman said Joe Biden

US President Joe Biden does not believe that investments in fossil fuels outside the G7 countries are right, John Kirby, the coordinator for strategic communications at the National Security Council (NSC) of the White House, said at a briefing.

So he commented on Bloomberg's information about Germany's desire to convince the G7 countries to abandon the obligation to reduce investment in foreign fossil fuel projects by the end of the year.

“The president has been clear that he does not see this investment (in fossil fuels. -) as the right course. I am not aware that there has been a change to this policy,” Kirby said.

WSJ learned of Biden's desire to eliminate the US fuel tax

According to Bloomberg, Germany, because of the situation in Ukraine, insists that the G7 countries waive their obligations to cut funding for foreign projects for the extraction of fossil fuels. A document in the agency's possession states that "the G7 needs to recognize that government-backed investment in the gas sector is needed as a temporary response to the current energy crisis."

The text remains under discussion and may be changed before the G7 leaders hold a summit in Germany, the agency said.

A Bloomberg source familiar with the discussion of the project said that Italy did not oppose the German proposal, as it is heavily dependent on Russian gas.

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See also Biden's plan against "Putin's price increase" 05:31

After the start of the Russian special operation in Ukraine, Western countries, including the EU and the US, have already introduced several packages of sanctions against Moscow. Restrictions have affected the energy industry, and gas and oil prices have reached record levels.

In mid-June, Gazprom announced a reduction in gas pumping through Nord Stream 1 due to a delay in the repair of units by Siemens (it decided to leave the Russian market in mid-May). The company explained that the turbines are under repair in Canada, their export from there is difficult due to sanctions. The volume of supplies decreased to 100 million cubic meters. m per day with a planned volume of 167 million cubic meters. m. On June 15, Gazprom reported that the volume of pumping would decrease to 67 million cubic meters. m.

After that, the German authorities decided to increase the load on coal-fired power plants and reduce the use of gas in industry in order to increase fuel supplies for the winter period. “Gas consumption must continue to fall, so it is necessary to store more gas in storage, otherwise it will be very difficult in winter,” said German Energy Minister Robert Habeck.

Due to the risk of gas shortages, the Dutch Cabinet also decided to lift the restriction on the operation of coal-fired power plants for the period from 2022 to 2024. “Soon the cabinet will propose additional measures to reduce CO2 emissions and offset emissions from coal-fired power plants,” said Dutch Minister for Climate and Energy Policy Rob Jetten.

Reuters reported that the authorities of Italy, Denmark and Austria also thought about resuming the work of coal-fired power plants.