Saudi Press

Saudi Arabia and the world
Sunday, Feb 08, 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
Syria and Saudi Arabia Seal Multibillion-Dollar Investment Agreements to Drive Post-War Economic Reconstruction
Apple iPhone Lockdown Mode blocks FBI data access in journalist device seizure
Foreign Governments and Corporations Spend Millions with Trump-Linked Lobbying Firm in Washington
KPMG Urges Auditor to Relay AI Cost Savings
Saudi Arabia Quietly Allows Wealthy Foreign Residents to Buy Alcohol, Signalling Policy Shift
US and Iran to Begin Nuclear Talks in Oman
China unveils plans for a 'Death Star' capable of launching missile strikes from space
Investigation Launched at Winter Olympics Over Ski Jumpers Injecting Hyaluronic Acid
U.S. State Department Issues Urgent Travel Warning for Citizens to Leave Iran Immediately
Wall Street Erases All Gains of 2026; Bitcoin Plummets 14% to $63,000
Eighty-one-year-old man in the United States fatally shoots Uber driver after scam threat
German Chancellor Friedrich Merz Begins Strategic Gulf Tour with Saudi Arabia Visit
Dubai Awards Tunnel Contract for Dubai Loop as Boring Company Plans Pilot Network
Five Key Takeaways From President Erdoğan’s Strategic Visit to Saudi Arabia
AI Invented “Hot Springs” — Tourists Arrived and Were Shocked
Erdoğan’s Saudi Arabia Visit Focuses on Trade, Investment and Strategic Cooperation
Germany and Saudi Arabia Move to Deepen Energy Cooperation Amid Global Transition
Saudi Aviation Records Historic Passenger Traffic in 2025 and Sets Sights on Further Growth in 2026
Tech Market Shifts and AI Investment Surge Drive Global Innovation and Layoffs
Global Shifts in War, Trade, Energy and Security Mark Major International Developments
Tesla Ends Model S and X Production and Sends $2 Billion to xAI as 2025 Revenue Declines
The AI Hiring Doom Loop — Algorithmic Recruiting Filters Out Top Talent and Rewards Average or Fake Candidates
Federal Reserve Holds Interest Rate at 3.75% as Powell Faces DOJ Criminal Investigation During 2026 Decision
Putin’s Four-Year Ukraine Invasion Cost: Russia’s Mass Casualty Attrition and the Donbas Security-Guarantee Tradeoff
Saudi Crown Prince Tells Iranian President: Kingdom Will Not Host Attacks Against Iran
U.S. Central Command Announces Regional Air Exercise as Iran Unveils Drone Carrier Footage
Trump Defends Saudi Crown Prince in Heated Exchange After Reporter Questions Khashoggi Murder and 9/11 Links
Saudi Stocks Rally as Kingdom Prepares to Fully Open Capital Market to Global Investors
Air France and KLM Suspend Multiple Middle East Routes as Regional Tensions Disrupt Aviation
Saudi Arabia scales back Neom as The Line is redesigned and Trojena downsized
Saudi Industrial Group Completes One Point Three Billion Dollar Acquisition of South Africa’s Barloworld
Saudi-Backed LIV Golf Confirms Return to Trump National Bedminster for 2026 Season
Gold Jumps More Than 8% in a Week as the Dollar Slides Amid Greenland Tariff Dispute
Boston Dynamics Atlas humanoid robot and LG CLOiD home robot: the platform lock-in fight to control Physical AI
United States under President Donald Trump completes withdrawal from the World Health Organization: health sovereignty versus global outbreak early-warning access
Trump Administration’s Iran Military Buildup and Sanctions Campaign Puts Deterrence Credibility on the Line
Tech Brief: AI Compute, Chips, and Platform Power Moves Driving Today’s Market Narrative
NATO’s Stress Test Under Trump: Alliance Credibility, Burden-Sharing, and the Fight Over Strategic Territory
Saudi Arabia’s Careful Balancing Act in Relations with Israel Amid Regional and Domestic Pressures
Greenland, Gaza, and Global Leverage: Today’s 10 Power Stories Shaping Markets and Security
America’s Venezuela Oil Grip Meets China’s Demand: Market Power, Legal Shockwaves, and the New Rules of Energy Leverage
Trump’s Board of Peace: Breakthrough Diplomacy or a Hostile Takeover of Global Order?
Prince William to Make Official Visit to Saudi Arabia in February
Saudi Arabia Advances Ambitious Artificial River Mega-Project to Transform Water Security
Saudi Crown Prince and Syrian President Discuss Stabilisation, Reconstruction and Regional Ties in Riyadh Talks
Mohammed bin Salman Confronts the ‘Iranian Moment’ as Saudi Leadership Faces Regional Test
Cybercrime, Inc.: When Crime Becomes an Economy. How the World Accidentally Built a Twenty-Trillion-Dollar Criminal Economy
Strategic Restraint, Credible Force, and the Discipline of Power
Donald Trump Organization Unveils Championship Golf Course and Luxury Resort Project in Saudi Arabia
Inside Diriyah: Saudi Arabia’s $63.2 Billion Vision to Transform Its Historic Heart into a Global Tourism Powerhouse
×