Saudi Press

Saudi Arabia and the world
Tuesday, Mar 24, 2026

G7 pressed to make U-turn on fossil fuels

G7 pressed to make U-turn on fossil fuels

Germany wants G7 nations to backtrack on plans to stop financing overseas fossil fuel projects
Germany is seeking to convince other G7 nations to abandon a commitment to end direct international financing of overseas fossil fuel projects by the end of this year, Bloomberg reported on Saturday, citing people familiar with the matter.

Berlin is asking Group of Seven members to “acknowledge that publicly supported investment in the gas sector is necessary as a temporary response to the current energy crisis,” according to a draft text shared with the agency.

The proposal reportedly remains under discussion and could be altered before Sunday, when the G7 summit kicks off in the Bavarian Alps, hosted by German Chancellor Olaf Scholz.

Britain opposes the proposal, sources said, while there were conflicting reports about whether the Italian authorities would support the plan.

Both Germany and Italy are highly dependent on Russian gas. Deliveries of Russian fuel to Germany through the Nord Stream 1 pipeline were recently reduced by 60% due to technical issues arising from sanctions imposed on Moscow over its military operation in Ukraine. The pipeline will also be shut down for 10 days in July for scheduled annual maintenance.

G7 ministers agreed on a plan to halt investment in overseas fossil fuel enterprises in May, as subsidizing such projects was incompatible with the Paris Agreement. However, they reaffirmed a commitment to end “inefficient” fossil fuel subsidies by 2025.

According to the G7 leaders, investment in the LNG sector came as a necessary response to the current crisis “in a manner consistent with our climate objectives and without creating lock-in effects.”
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Trump to Deliver Keynote Address at Saudi-Backed Investment Summit in Miami Beach
Saudi Arabia and Kuwait Press Ahead With Energy Agreements Despite Regional Conflict
Can Saudi Arabia’s Yanbu Port Replace Hormuz? Capacity Limits Test Critical Oil Lifeline
Saudi Arabia Detects Ballistic Missiles as Regional Tensions Escalate in Gulf
Saudi Aramco Reduces Oil Shipments to Asia for Second Consecutive Month
Saudi Aramco Reduces Oil Shipments to Asia for Second Consecutive Month
Saudi Arabia and UAE Push Ahead With Major Deals Despite Iran-Related Uncertainty
Formula One Cancels Bahrain and Saudi Arabia Grands Prix Amid Escalating Regional Tensions
Pakistan Signals Strategic Realignment Toward Saudi Arabia Amid Regional Tensions
Saudi Arabia Cuts Oil Shipments to Asia as Regional Conflict Disrupts Key Export Routes
Saudi Arabia Moves to Contain Regional Escalation as Houthis Signal Readiness to Join Conflict
Saudi Arabia Signals Independent Nuclear Strategy Unaffected by Iran Tensions
Saudi Arabia Signals Independent Nuclear Strategy Unaffected by Iran Tensions
Egypt Reaffirms Strong Support for Saudi Arabia as Sisi Condemns Iran’s Gulf Attacks
Saudi Stocks Close Higher as Tadawul Index Gains 0.55% on Broad Sector Strength
Iran Fires Ballistic Missiles Toward Riyadh as Gulf Conflict Intensifies
Barcelona Midfielder Marc Casadó Attracts €40 Million Interest from Saudi Clubs
Strait of Hormuz Tensions Rise as Saudi Arabia Opens Key Air Base to US Forces
Saudi Arabia Confronts Strategic Turning Point as Iran Conflict Redefines Regional Alliances
Saudi Arabia Intercepts Missile as Two Others Land in Remote Area Without Casualties
Saudi Expulsion of Iranian Military Attaché Raises Doubts Over Fragile Riyadh–Tehran Rapprochement
Saudi Arabia’s Strategic East–West Pipeline Gains Global Attention as Energy Routes Face Growing Risks
Iran Reportedly Reduces Strikes on Saudi Arabia Amid Concerns Over Strong Retaliation
Saudi Arabia Criticises Israeli Strikes in Southern Syria Amid Rising Regional Tensions
Egypt and Saudi Arabia Warn Iran’s Actions Threaten Stability Across the Gulf
Egypt and Saudi Arabia Warn Iran’s Actions Threaten Stability Across the Gulf
Saudi Arabia Unveils Comprehensive 2026 Roadmap to Streamline Company Formation
Saudi-UAE Tensions Reveal Emerging Rivalry at the Heart of Gulf Power Dynamics
Saudi Arabia Launches Gulf Maritime Support Initiative to Safeguard Shipping
Saudi Arabia Expands US Military Access as UAE Braces for Prolonged Iran Conflict
Saudi Arabia Expels Iranian Diplomats Amid Escalating Regional Tensions
Saudi Arabia’s Edarat Wins Major Data Centre Deal with Regional Bank
Iran Intensifies Gulf Offensive as Saudi Arabia Intercepts Dozens of Drones
Regional Powers Hold Security Talks as Turkey Seeks New Strategic Pact
Asian Refiners Urge Saudi Arabia to Revise Oil Pricing Mechanism Amid War-Driven Volatility
Gulf States Weigh US Base Access and Military Alignment as Iran War Intensifies
IRGC Claims Strikes on Israel, Kuwait and Saudi Arabia as Conflict Widens
Remains of Fallen Soldier Repatriated Following Death in Saudi Arabia
Saudi Arabia Intercepts Multiple Drones Amid Continued Iranian-Linked Attacks
Iran Tensions Challenge Saudi Arabia’s Strategic Shift to Red Sea Oil Exports
Saudi Arabia Turns to Alternative Export Routes as Hormuz Disruption Strains Oil Flows
Saudi Arabia and UAE Move Closer to Backing US-Israeli Campaign Against Iran
Saudi Arabia Signals Readiness for Military Response as Iran Tensions Escalate
Saudi Arabia Warns Oil Could Surge Beyond $180 as Iran Conflict Disrupts Global Supply
Saudi Arabia Reports Drone Strike on Key Red Sea Refinery in Yanbu
United States Urges Citizens to Leave Saudi Arabia Amid Escalating Regional Conflict
Former Media Executive Chronicles Rise of Saudi Crown Prince in New Book
Saudi Aramco–Exxon Refinery in Yanbu Targeted in Latest Wave of Iranian Attacks
Greek-Operated Patriot System Intercepts Iranian Missiles Over Saudi Arabia
Asian Refiners Urge Saudi Arabia to Revise Oil Pricing as War Upends Markets
×