Energy shock tests G7 leaders' climate resolve | The Business Standard
Skip to main content
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Monday
June 09, 2025

Sign In
Subscribe
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
MONDAY, JUNE 09, 2025
Energy shock tests G7 leaders' climate resolve

World+Biz

BSS/AFP
26 June, 2022, 11:00 am
Last modified: 26 June, 2022, 11:09 am

Related News

  • G7 debt is now a pressure point for anxious markets
  • Business leaders decry 'economic assassination' amid crippling gas crisis
  • G7 glosses over tariffs, pledges to cut global economic imbalances
  • G7 finance leaders try to downplay tariff disputes, find consensus
  • Dollar drops as traders eye Trump tax bill, G7 currency talks

Energy shock tests G7 leaders' climate resolve

BSS/AFP
26 June, 2022, 11:00 am
Last modified: 26 June, 2022, 11:09 am
Photo: BSS/AFP
Photo: BSS/AFP

Leaders of the Group of Seven rich nations will be under pressure to stick to climate pledges in Bavaria from Sunday, as Russia's energy cuts trigger a dash back to planet- heating fossil fuels.

Germany finds itself in an awkward position as G7 summit host, having recently announced that Europe's biggest economy will burn more coal to offset a drop in Russian gas supplies amid deteriorating ties over the war in Ukraine.

Chancellor Olaf Scholz nevertheless insists the G7 remains committed to the Paris agreement of limiting global temperature increases to 1.5 degrees Celsius, and achieving carbon neutrality by 2050.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

But concerns are growing that Scholz will use the gathering to push G7 partners to water down a previous promise to stop financing gas and oil projects abroad by the end of the year.

G7 considering ways of capping Russian oil price - German official

"That would be a real setback," said Alden Meyer, a senior associate at climate policy think tank E3G.

"Scholz could go down in history as the climate backtracking chancellor."

US President Joe Biden, French President Emmanuel Macron and their counterparts from Britain, Italy, Canada and Japan will all be joining Scholz at the luxurious Elmau Castle from Sunday to Tuesday.

Thousands of people marched in the city of Munich on the eve of the summit to urge G7 leaders to do more to fight climate change.

'Bitter' coal comeback

With the impact of the climate crisis already being felt across the globe through devastating floods, rising seas and crop-wilting droughts, the summit will be closely watched for fresh funding pledges to help poor nations cope.

But hopes of a breakthrough are low, as the conflict in Ukraine dominates the agenda and Western attention shifts to the vast sums that will be needed to rebuild the country.

"Before the war there was a clear intent, also from Germany, to really deliver on climate finance and this seems off the table now," said Susanne Droege, a climate policy analyst at Germany's Institute for International and Security Affairs (SWP).

G7 summit kicks off under shadow of Ukraine war, stagflation risk

Soaring energy prices and fears that Moscow could abruptly cut off supplies have left European nations scrambling to wean themselves off Russian oil, coal and gas.

With renewables like solar and wind power not yet a widely available alternative, countries including Germany, Italy, the Netherlands and Austria are reverting to fossil fuels to plug the gap.

German Energy Minister Robert Habeck, a Green party politician, called the decision to reactivate mothballed coal-fired plants "bitter" but necessary for energy security.

He stressed that Germany was still on track to close its coal plants by 2030 and remained committed to a massive shift towards renewable energy.

Droege said Russia's aggression in Ukraine had exposed the risks of fossil fuel dependency.

"The only benefit of this war is that... understanding has increased that renewable sources of energy will pay off," said Droege.

'Empty promises'

Environmentalists say a key focus of the G7 climate talks should be on helping the most vulnerable nations that are already bearing the brunt of the climate emergency.

"In the Horn of Africa, a terrible drought is leaving over 18 million people suffering from food insecurity," Ugandan youth activist Vanessa Nakate told reporters ahead of the summit.

"We are tired of empty promises. We need the G7 countries to put money on the table for loss and damage."

Scholz himself aims to launch a "climate club" that would see willing nations agree to play by the same rules to avoid competitive disadvantages.

This could include setting carbon pricing standards or uniform regulations on what constitutes green hydrogen. Japan and the United States however have no plans to introduce a national carbon price.

Observers say strong signals are needed from the G7 ahead of the United Nations COP27 climate talks in Egypt in November.

The final G7 statement will be scoured for any walking back of previous pledges, including a promise to largely decarbonise their countries' electricity sectors by 2035.

A long-standing promise by wealthy nations to spend $100 billion a year from 2020 to help developing countries adapt to climate change remains unmet.

Top News

G7 / G7 Summit / energy crisis

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Muhammad Yunus (L) and Narendra Modi. Photo: Collected
    Modi sends Eid-ul-Adha greetings, Yunus calls for continued bilateral cooperation
  • A file photo of BNP Secretary General Mirza Fakhrul Islam Alamgir speaking at a programme. Photo: BSS
    'Ramadan, scorching summer, academic season': Fakhrul outlines why April election a bad idea
  • Chief Adviser Muhammad Yunus. File Photo: Courtesy
    Yunus to visit UK 10–13 June; King Charles to present ‘Harmony Award 2025’

MOST VIEWED

  • Army Chief General Waker-Uz-Zaman and his wife exchange Eid greetings with Chief Adviser Muhammad Yunus at the State Guest House Jamuna in Dhaka today (7 June). Photo: CA Press Wing
    Army chief exchanges Eid greetings with CA Yunus
  • Photo collage shows political posters in Bagerhat. Photos: Jannatul Naym Pieal
    From Sheikh Dynasty to sibling rivalry: Bagerhat signals a turning tide in local politics
  • BNP Standing Committee criticises chief adviser's speech, calls for national election by December
    BNP Standing Committee criticises chief adviser's speech, calls for national election by December
  • Rawhide collected from various parts of the city. Photo taken on 7 June in Old Dhaka. Rajib Dhar/ TBS
    Rawhide prices see slight increase, but below fair value
  • File Photo: British MP Tulip Siddiq attends a news conference with Richard Ratcliffe, the husband of jailed British-Iranian aid worker Nazanin Zaghari-Ratcliffe, in London, Britain October 11, 2019. Photo: REUTERS/Peter Nicholls/File Photo
    Tulip requests CA Yunus for a meeting over corruption allegations: Guardian
  • CA’s televised address to the nation on the eve of the Eid-ul-Adha on 6 June. Photo: Focus Bangla
    National election to be held any day in first half of April 2026: CA

Related News

  • G7 debt is now a pressure point for anxious markets
  • Business leaders decry 'economic assassination' amid crippling gas crisis
  • G7 glosses over tariffs, pledges to cut global economic imbalances
  • G7 finance leaders try to downplay tariff disputes, find consensus
  • Dollar drops as traders eye Trump tax bill, G7 currency talks

Features

Photo collage shows political posters in Bagerhat. Photos: Jannatul Naym Pieal

From Sheikh Dynasty to sibling rivalry: Bagerhat signals a turning tide in local politics

1d | Bangladesh
Illustration: TBS

Unbearable weight of the white coat: The mental health crisis in our medical colleges

4d | Panorama
(From left) Sadia Haque, Sylvana Quader Sinha and Tasfia Tasbin. Sketch: TBS

Meet the women driving Bangladesh’s startup revolution

4d | Panorama
Illustration: TBS

The GOAT of all goats!

6d | Magazine

More Videos from TBS

Why are traders worried about losses in the leather business again?

Why are traders worried about losses in the leather business again?

10h | TBS Stories
Why do political parties have different opinions about the elections in April?

Why do political parties have different opinions about the elections in April?

15h | TBS Stories
Power shift in Chinese politics, Is Li Qiang emerging in Xi Jinping's shadow?

Power shift in Chinese politics, Is Li Qiang emerging in Xi Jinping's shadow?

1d | TBS World
Commercial cultivation of red and black grapes on the soil of Bangladesh

Commercial cultivation of red and black grapes on the soil of Bangladesh

18h | TBS Stories
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net