Why are G7 leaders allowing continued investment in natural gas?

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Continued Investment in Natural Gas Permitted Under Specific Circumstances

G7 leaders have confirmed that public investments in the natural gas sector may be permissible as a temporary measure. This allowance is specifically tied to the exceptional circumstance of accelerating the phase-out of dependency on Russian energy. Such investments are to be made subject to clearly defined national circumstances, indicating a conditional and time-limited approach.
Rationale for Natural Gas Investment

The draft statement from the G7 summit indicates that publicly supported investments in the gas sector can be deemed appropriate. This is presented as a temporary response, specifically to facilitate a faster exit from reliance on Russian energy supplies. The decision acknowledges national circumstances that may necessitate such a move.
Phasing Out Fossil Fuels and Net-Zero Goals

Despite the allowance for natural gas investments under specific conditions, the G7 leaders are set to commit to accelerating their transition away from fossil fuels within this decade. The overarching goal is to achieve net-zero emissions by 2050, guided by the best available scientific understanding. This commitment includes a pledge to phase out existing unabated coal power generation in energy systems during the first half of the 2030s.
Alternative Coal Phase-Out Timeline

An alternative commitment regarding coal power generation is also included, allowing for a phase-out timeline consistent with maintaining the 1.5°C temperature rise limit. This flexibility is offered to nations like Germany and Japan, whose economies currently exhibit a significant dependence on coal. The phrasing allows for a timeline that aligns with national net-zero pathways.

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Why are G7 leaders allowing continued investment in natural gas?

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