Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your experience. Save up to 40% More details

Industry groups want G7 countries to align climate ambitions -BDI

Commodities May 25, 2022 01:37AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
© Reuters. FILE PHOTO: German Chancellor Olaf Scholz speaks during a joint news conference with German Economy and Climate Minister Robert Habeck and German Finance Minister Christian Lindner in Berlin, Germany, January 21, 2022. Michael Sohn/Pool via REUTERS/File P

FRANKFURT (Reuters) - The Group of Seven (G7) economic powers should align international climate protection ambitions along the lines of a "climate club" proposed by German Chancellor Olaf Scholz, the head of the Business 7 (B7) group of industry lobbies said on Wednesday.

A joint statement by B7 members to the G7, a copy of which was seen by Reuters, was presented by the German Federation of Industry (BDI) on behalf of the group on the opening day of a three-day meeting of G7 environment, climate and energy ministers in Berlin.

Scholz had suggested the idea to try to avoid trade friction in areas including green tariffs, the development of markets for decarbonised products, carbon pricing and removal methods.

"The B7 support the idea of an open and ambitious climate club," said BDI and B7 President Siegfried Russwurm. "The G7 must now clarify what its contribution can and should be."

The B7 comprises the leading business and industry federations of the G7 states. It was founded on the initiative of BDI in 2007.

The B7 wanted to promote an understanding of what, for example, constituted "green" raw materials such as steel or cement, he said.

The group viewed energy supply security and diversification as paramount, a stance that had been underscored by war in Ukraine and the possibility of Russia stopping pipeline shipments of natural gas to Europe, Russwurm added.

The B7 wanted to accelerate alternative shipments of liquefied natural gas (LNG), a rapid expansion of renewable energy sources and the supply of hydrogen as a gas substitute.

It was urgent for G7 countries to agree on a coordinated promotion of low carbon hydrogen economies and the build-up of related transport and infrastructure capacities.

Europe's largest economy holds the G7 presidency this year, making federal environment minister Steffi Lemke and federal economy minister Robert Habeck the hosts of the May 25-27 get-together.

Industry groups want G7 countries to align climate ambitions -BDI

Related Articles

Gold edges lower as July rate hikes loom
Gold edges lower as July rate hikes loom By Reuters - Jul 04, 2022 1

By Arundhati Sarkar (Reuters) - Gold fell on Monday as prospects of higher interest rates dimmed appeal for the non-yielding asset, but a softer dollar helped bullion cling above...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
Sign up with Email