G7 Energy Ministers discuss situation in Ukraine and distortions on international energy markets

In view of the Russian invasion of Ukraine, the G7 energy ministers held a digital meeting today under the German presidency. Ukrainian Energy Minister German Galuschenko, who joined the meeting online from Kiev, reported on the latest worrying developments. Minister Galushenko indicated that the electricity and gas supply in large parts of his country is deteriorating quickly, with energy infrastructure being further damaged from day to day. He called on his counterparts to provide further assistance to Ukraine, also with regard to the country’s energy supply.

Federal Minister Robert Habeck said: "The war in Ukraine instigated by Vladimir Putin first and foremost requires our solidarity with Ukraine and the Ukrainian people. The Russian attack on Ukraine’s territorial sovereignty is a violation of international law and it also a wake-up call for German and EU energy policy: We need to reduce our strong dependence on fossil fuel imports from Russia by accelerating the energy transition in order to strengthen our energy sovereignty and energy security."

All participants reported impacts on security of supply and energy prices, which are being felt across the globe. The talks between the G7 and Ukraine therefore focused on measures to support the Ukrainian energy sector as well as to improve energy supply security for Europe and the G7 in general.

Key outcomes of the meeting were laid down in a Joint Declaration, in which the G7 members announced their clear commitment to solidarity with Ukraine and strong cooperation to prevent supply shortages. The declaration further welcomes the International Energy Agency’s 10-point-plan for reducing dependence on Russian gas and calls upon oil and gas-producing countries to increase their production levels. At the same time, the G7 members affirmed their commitment to meet the climate commitments entered into in Paris and Glasgow. They stressed that an acceleration of the energy transition is the most important contribution to greater energy security.

A joint meeting of G7 energy, climate and environment ministers will be held in Berlin from 25-27 May 2022, where the participants will also take stock of progress on implementing the points laid out in the joint declaration.