By Trend

G7 will continue its efforts with partners around the world to make energy savings and efficiency a global priority, reads the joint statement of the Foreign Ministers of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States of America, and the High Representative of the European Union, Trend reports with reference to the European External Action Service.

“We will act in solidarity and close coordination to mitigate the impact of supply disruptions on economies and citizens globally and in our countries, especially in order to protect vulnerable groups,” reads the statement.

G7 will build on its recent actions to secure energy supplies, stabilize markets and mitigate the increases in energy prices.

“This includes our efforts to reduce our demand for Russian energy and our support for International Energy Agency voluntary collective actions. We remain committed to energy and resource diversification and promote competitive, reliable, affordable energy markets that are transparent and adhere to high environmental, social, and governance standards. We reiterate our support for an ambitious and expedited global clean energy transition towards net zero by 2050, consistent with a 1.5°C warming limit and implementation of the Glasgow Climate Pact. This is essential to achieving our shared climate, security, and economic recovery objectives. The more quickly we achieve this transition, the more secure our societies will be,” the statement says.

G7 will also consider mitigation mechanisms alongside the restrictive measures to ensure the most vulnerable and impacted countries maintain access to energy markets including from Russia.

“We will further reduce our reliance on civil nuclear and related goods from Russia, and assist countries seeking to diversify their supplies. In all these actions, we will support each other and coordinate our actions to preserve G7 unity and reinforce our collective energy security and resilience,” reads the statement.

G7 welcomes efforts by partners with the aim of replenishing gas reserves and increasing energy security and resilience.