Stefan Rousseau – Swimming Pool Getty Images News Getty Images G-7 leaders will work with partners to create a “Climate Club” by the end of this year, according to an announcement from their last meeting. The document, released on Tuesday, said leaders had committed to “a high-carbon road sector by 2030” and “a fully or largely liberalized electricity sector by 2035”. In addition, the leaders said they would prioritize what they called “concrete and timely steps towards accelerating the phasing out of domestic carbon-free energy.” The details of the announcement come at the end of the long-awaited summit in Elmau, near Munich, Germany. The meeting comes at a time of significant geopolitical and economic turmoil, with Russia invading Ukraine and volatile oil and gas prices casting a shadow over the process. The summary of the announcement touched on the current state of the energy markets and also referred to the possible use of price caps in the future. “We will take immediate steps to secure energy supply and reduce price increases due to exceptional market conditions, including exploring additional measures such as price caps,” he said. “We reaffirm our commitment to phasing out our dependence on Russian energy without compromising on our climate and environmental goals.”
