German Chancellor Scholz warns against 'worldwide renaissance of fossil fuels'

German Chancellor Olaf Scholz has urged COP27 nations that they should not lose sight of renewable energy targets despite the impact of the Russian invasion of Ukraine. "There must not be a worldwide renaissance of fossil fuels," Scholz said in a speech at the climate summit in Sharm el-Sheikh, Egypt.

"And for Germany I can say: there will not be one," he said.

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Following the Russia-Ukraine crisis, Russian energy imports to Europe have taken a hit. They have come down considerably, resulting in a sharp rise in prices. In the absence of supply, Germany has been trying to look at other options to increases its supplies, especially looking to a very potential winter shortages. Due to the same reason, Germany has restarted its coal power plants "for a short time", Scholz said.

However, he assured that Germany would "stick to our exit from coal" policy, with Berlin targeting a complete end for the fossil fuel in 2030. Germany has also been investing billions into new infrastructure for the import of natural gas from new sources, such as the United States or Qatar.

Officials have informed that such liquefied natural gas (LNG) terminals will in time be retrofitted for the import of hydrogen. Scholz stressed that given the pressure Russia has been able to exert on countries by cutting supplies showed that the transition away from fossil fuels was a "security policy imperative".

Scholz also talked about how it is important to bring down global warming as that would solve a lot of the climate problems.

Less global warming meant "fewer droughts and floods, fewer conflicts over resources, less hunger and fewer bad harvests, and more security and well-being for all", he said.

Germany is also planning to increase its investments in international environmental programmes, Scholz said, bringing the total to six billion euros ($6 billion). Funds for the protection of forests through 2025 would be doubled to two billion, the development ministry said. The investments will mostly by via partnership programmes with countries such as Brazil, Ecuador, Madagascar and Pakistan, according to the ministry.

(With inputs from agencies)