G20: Merkel proposes to dicuss economic impact of green transition from fossil fuels

ANI
19 Oct 2021, 04:18 GMT+10

Berlin [Germany], October 18 (ANI/Sputnik) - Outgoing German Chancellor Angela Merkel proposed on Monday to discuss the impact of the green transition from fossil fuels on the world economy at a G20 meeting.

"Today I spoke with Chinese Prime Minister by video conference. It turned out that China has been concerned about the quick transition from using coal to gas in thermal power plants, for then global consumption will jump in a very short time, influencing pricing. So we need to discuss, within the G20 or another international format, what will happen with energy demand given the transformation of our economies," Merkel said at a press conference with Belgian Prime Minister Xavier Bettel.

Germany plans to achieve carbon neutrality by 2045, Merkel added. China, in turn, has set the deadline for 2060, and will be using gas in the meantime, she said. To predict how the energy landscape will change by then, the Chancellor proposed developing a "specific plan."Merkel also noted that she discussed with Bettel the issue of energy prices within the European Union. The topic will be on the agenda of the upcoming summit of EU leaders following a report by the European Commission.

Gas prices have been surging across the world due to demand outpacing supply amid economic recovery after months of COVID-19 restrictions, threatening many households with "energy poverty," as consumer prices have followed suit. To complicate matters further, Asia's shift from coal to gas has created additional competition among buyers.(ANI/Sputnik)

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