G-7 leaders seek integrated gas market, climate efforts

The leaders of the Group of Seven, of some of the world’s largest economies, agreed Thursday to work toward a more unified market for liquefied natural gas while limiting climate change.

The meeting in Brussels followed a gathering last month in Rome of G-7’s energy ministers in which they discussed plans to improve energy security. It was the first meeting since the group kicked Russia out for annexing the Crimea region from Ukraine, an action they condemned.

{mosads}In a declaration from the Brussels meeting, the leaders said they agreed to “promote a more integrated liquefied natural gas market, including through new supplies, the development of transport infrastructures, storage capabilities, and liquefied natural gas terminals, and further promotion of flexible gas markets, including relaxation of destination clauses and producer-consumer dialogue.”

The leaders also said they want to adopt a global agreement next year to fight climate change by committing to specific emissions reductions.

The G-7 efforts in natural gas stem from the countries’ agreements to denounce Russia’s use of energy supplies to coerce other countries, along with their recognition of the need to improve energy security, they said.

But natural gas use also feeds into the G-7’s agreement to promote low-carbon energy sources in an effort to reduce greenhouse gas emissions. They said they would work together “to build a more competitive, diversified, resilient and low-carbon energy system.”

The leaders also committed to take steps to limit global warming to 2 degrees Celsius above pre-industrial levels.