The G7 acknowledged the potential energy shortfall resulting from reduced gas consumption, but reiterated their commitment to reducing reliance on fossil fuels.
G7 ministers have convened in the northern Japanese city of Sapporo for a two-day conference on climate, energy, and environmental policy. The urgency of renewable sources of fuel and energy security has increased following Russia-Ukraine war.
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As a host nation, Japan, which depends on imports for nearly all its energy requirements, desires to maintain liquefied natural gas (LNG) as a transition fuel for at least 10 to 15 years.
The host country, Japan, which relies heavily on energy imports, has expressed interest in maintaining liquefied natural gas (LNG) as a transitional fuel for the next decade or so.
The members stated in the joint statement that they will significantly boost electricity generated by renewable energies. They vowed to collectively increase offshore wind capacity by 150 gigawatts by 2030 and solar capacity to over 1 terawatt.
The members also agreed to expedite the phase-out of unabated fossil fuels, which refers to the burning of fossil fuels without capturing the resulting C02 emissions, in order to achieve net zero in energy systems by 2050 at the latest.
The members states have reached an agreement to accelerate the development of renewable energy and reduce their reliance on fossil fuels. This decision indicates a commitment to promote a more sustainable energy future for the world.