G7 attempts to clamp down on the Russian oil price cap

The US imposed the first sanctions for violations of the price cap on Russian oil introduced by the Group of Seven 10 months ago with sanctions placed on two firms and two vessels The US Treasury Department sanctioned United Arab Emirates-based Lumber Marine, the registered owner of SCF Primorye, and Turkey’s Ice Pearl Navigation Corp,

G-7 agrees to fast-track fossil fuels phase-out

The Group of Seven nations agreed to accelerate the phase-out of unabated fossil fuels but fell short of sealing a deal on a timeline to exit coal. The ministers are negotiating a joint communique that outlines support from the world’s most advanced economies for the global energy transition. The G-7 has appointed themselves leaders in

Japan to support decarbonisation efforts of ASEAN countries

Japan’s government pledged financial and technological support to help ASEAN countries accelerate their efforts to decarbonise their economies and combat global climate change. Energy-poor Japan aims to turn into the world’s leading hydrogen economy to reduce dependence on traditional polluting fossil fuels such as coal and oil. As the chair of the Group of Seven

India-G7 partnership proposed for creating decarbonization fund

On behalf of the G7, the US and Germany have proposed setting up just energy transition partnership (JETP) partnership to help fund and support India’s transition from a fossil-based economy to a carbon-neutral economy. The JETP paper for India, which is currently under consideration of the government, has suggested a two-phased approach. In the first

Japan to ban Russian oil imports

Japan will ban Russian crude oil imports “in principle,” as part of a Group of Seven (G7) campaign to counter Russia’s invasion of Ukraine, Prime Minister Fumio Kishida said after an online meeting of G7 leaders. “For a country heavily dependent on energy imports, it’s a very difficult decision. But G7 coordination is most important

Anticipating food deficiencies, Biden creates fossil fuel task force

“With regards to food shortages, it’s going to be real,” President Biden declared after meeting with NATO allies in Brussels, saying both Russia and Ukraine have been the breadbasket of Europe. “The price of these sanctions is not just imposed on Russia, it is imposed on an awful lot of countries as well, including European