As the G7 applied ‘clean energy to economic growth’ to developing countries as the energy war escalated with Russia, the ‘restart of coal’ was initiated by the application of the Russian oil price cap system led by the United States.
Indonesian President Joko Widodo, who was invited to the G7 summit in Germany, said at the meeting place on the 28th that "We will make the most of the clean energy transition as a driving force for economic growth."
The G7 statement stated that the leaders of Western advanced countries would cooperate with the five countries (India, Senegal, Indonesia, etc.) invited on pending issues such as climate change and countermeasures against the novel coronavirus. We shared our views on cooperation to accelerate the transition of clean energy to 'climate neutrality' in the goal of reducing the total to zero by the end of the year," he said in a statement.
Germany, the chair of the G7, announced financial aid to developing countries together with Japan, and the G7 jointly announced that it would respond to food and energy pressures with Russia by strengthening cooperation with emerging and developing countries.
The G7 gave equal voices to India, Senegal, and Indonesia at the summit on the second day, and the meeting was held with “negotiating support for decarbonization in emerging and developing countries.”
In Germany, the G7 chair country, the Social Democratic Party and the Green Party coalition government initiated the nuclear energy abandonment policy in 1998, and in 2002, the Atomic Energy Act attempted to operate the existing nuclear power plants for 32 years and to abolish the excess nuclear power in the ‘electricity production right’ system.
The Merkel government extended the nuclear power plant in 2010 by 12 years, calling it “a bridge technology necessary in the transitional period until the introduction of new and renewable energy is sufficiently advanced.”
Germany is both an exporter and importer of electricity, as electricity imports and exports are carried out every day through electricity transmission and output lines connected to 11 countries through international interconnections.
In Europe, electricity imports and exports are active, so that international interconnection lines have been established so that electricity demand and supply are not set only in Korea by aligning the supply glut and shortage with import and export.
In Japan, which does not have an international power connection line, U.S. President Biden and Prime Minister Kishida announced on the 27th that during a brief meeting during the G7 summit on the 27th, “close cooperation on price ceilings for Russian crude oil” was held.
The Japanese media reported here as the “first economic edition 2+2 meeting” of the diplomacy and economy agreed at the US-Japan summit in May, so the price cap system seems to be led by Japan.
The Russian crude oil price cap is an attempt to reduce export volume by controlling ship insurance and financial services of Russian crude oil carriers.
At the G7 summit, countries other than the United States, such as Italy, who favored the cap system, said, “We must recognize investment in fossil fuels such as coal for the time being due to the energy crisis.”
At the G7, EU Standing Chairman Charles Michel said that EU member states could introduce the price cap system only if all 27 EU member states agree to it, Voice of America (VOA) reported on the 28th.
Regarding the price cap system, VOA said, “We are afraid that Western crude oil buyers such as the United States will create a kind of cartel and do not buy crude oil that exceeds the set price range. It can prevent excessive oil price rise by allowing it to continue to be distributed,” he said.
In the NATO Summit, Korea, Japan, Australia, and New Zealand participated as partner countries, and Korea is highlighted as a counterpoint to China, India, a country that has rejected the cap system in the G7's attempt to introduce a price cap.