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6/28, 12:57 PM (Source: TeleTrader)
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Scholz: Investment in gas necessary in transitional phase

German Chancellor Olaf Scholz told reporters in Germany on Tuesday that investing in gas is currently "necessary" during the "transitional phase."

Scholz noted that "in the short term" gas is needed, however, there will be a discussion on "how long such resources should be used for" as Germany is still aiming to be within the 1.5-degree target set under the Paris Agreement, despite the difficulties caused by the current situation in Eastern Europe.

Regarding the energy sources, Scholz stated that the price cap that is currently being discussed among the Group of Seven members (G7) "is a very ambitious, forward-thinking idea in the text," but he added that "we have to look into this further."

Baha Breaking News (BBN) / AY