U.S. Retreats from Pledge to End Gas Investments
Efforts to phase out oil fuel financing during climate were weakened during climate negotiations due to lack of gas supplies created by the status of Russian fossil fuels.
According to Scientific American, the move announced yesterday at the end of the G-7 summit in Germany threatens to undermine commitments announced by the United States and more than 30 other countries at the climate talks in Glasgow, Scotland, to stop spending public money on international fossil fuel projects by the end of this year.
A communiqué released by G-7 leaders sought to soften those concerns by saying its support for continuing gas investments would be “implemented in a manner consistent with our climate objectives and without creating lock-in effects.”
