The illegal invasion of Ukraine by Russia unexpectedly placed an immense concern onto the doorstep of European leaders: energy supply. With the continent’s heavy reliance on Russian gas and oil, energy prices shot up due to limited supply because of sanctions placed on Russia. Despite the light blow of 2022’s winter, nations are focused on ensuring longer term security concerning energy supplies, controlling for future price hikes along the way.
Despite a renewed commitment to the Paris Agreement goals and net-zero agenda, discussions about energy at the G7 summit yielded outcomes concerning climate activists globally. Described as a temporary step in their attempts to de-couple from Russian energy over the long term, the G7 nations voiced support for liquefied natural gas (LNG) investments.
“We stress the important role that increased deliveries of LNG (liquefied natural gas) can play and acknowledge that investment in the sector can be appropriate in response to the current crisis and to address potential gas market shortfalls provoked by the crisis,” reads the leaders’ statement. The approach stresses the need for a clean energy transition, calling it a means of energy security.