from Group of Seven energy ministers shows how natural gas sits uneasily at the intersection of resource security and climate policies.The gas section of the G7's communique notes Russia's invasion of Ukraine has intensified competition for supplies, and that high prices hurt economies and vulnerable people.
But investment should be "subject to clearly defined national circumstances," mindful of climate change, and avoid "creating lock-in effects" .It reflects wider tensions over how to ensure adequate supplies, even as meeting Paris Agreement goals requires rapidly shifting away from fossil fuels.an earlier draft contained language wanted by Japanese officials that supported "necessary upstream investments in LNG and natural gas.
The International Energy Agency projects that under nations' existing policies, demand will rise slightly this decade, then will plateau through 2050. But if nations' current climate pledges are met, demand would be 10% lower in 2030, and 40% lower in 2050. Some investment is needed to offset declines in existing fields.
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