G7 draft communique: publicly supported gas sector investment can be temporarily appropriate

(Reuters) - The Group of Seven rich nations believes that publicly supported investment in the gas sector can be temporarily appropriate while countries are accelerating the phasing-out of their dependency on Russia, a draft communique seen by Reuters showed.

The language, if it remains in the final version of the communique from the G7 leaders' summit in Hiroshima, Japan, that ends on Sunday, would represent stronger support for gas investment compared with that used at a ministerial meeting last month.

The April meeting of G7 climate ministers eventually agreed, despite tussles between Japan and European nations, that gas investments "can be appropriate to help address potential market shortfalls" as a result of Russia's invasion of Ukraine and the disruptions it has caused to global energy markets.

"In the exceptional circumstance of accelerating the phase out of our dependency on Russian energy, publicly supported investment in the gas sector can be appropriate as a temporary response... if implemented in a manner consistent with our climate objectives," the draft document said.

The G7's draft communique also reaffirmed the group's goal of net-zero emissions by 2050 at the latest, and highlighted the "real and urgent" need to accelerate green energy transitions as a means of energy security.

"Recognizing the primary need to accelerate the clean energy transition, we stress the important role that increased deliveries of LNG can play," the draft document said.

It reaffirmed ambitious offshore wind power and solar generation goals agreed in Sapporo last month. The document was not final and could change before the end of the summit on Sunday.

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