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Ministers from the G7 countries agreed to end state funding of coal-fired power plants by the end of this year and to “mostly decarbonize” electricity supplies by the 2030s to meet combat targets. against climate change globally.
Ahead of a meeting of leaders in Britain next month, the G7 countries’ climate and environment ministers also reaffirmed their commitment to keep temperature increases below 1.5 degrees Celsius by 2050, following a meeting two-day virtual.
Scientists claim that any increase beyond that will cause uncontrollable climate change.
In the joint communiqué, the ministers acknowledged that maintaining global investment in coal power generation “is incompatible” with the objective of limiting the rise in global temperatures to 1.5ºC, which is why “international investments in coal they must stop now. “
Today the @ G7 has taken a major step towards a net zero economy by agreeing to phase out international fossil fuel finance, starting with coal
This is a clear signal to the world that coal is on the way out
Learn more
# COP26 | # G7UK https://t.co/kJ46yqW9au
– Alok Sharma (@AlokSharma_RDG) May 21, 2021
British lawmaker Alok Sharma, chair-designate of the UN’s COP26 climate summit to be held in Glasgow in November, said the consensus was “a clear signal to the world that coal is about to disappear.”
The big goal: energy without fossil fuels by 2030
German Environment Minister Svenja Schulze called the deal “an important step forward” that gave industrialized nations credibility to urge others to follow suit.
His French counterpart, Barbara Pompili, said the measure “sets the stage for a radical transition to clean energy”, hailing Japan’s participation in the pact, after initially resisting doing so. Actions of this type contribute to further isolating countries that refuse to abandon the use of coal, such as China.
The G7 countries – Canada, France, Germany, Italy, Japan, the United States and the United Kingdom – are home to the major automakers and also agreed to “significantly accelerate” the shift away from gasoline in the transportation industry within this decade.
Meanwhile, participants reiterated that fossil fuels should also be largely removed from electricity supplies in G7 countries by the 2030s.
The group of nations reiterated that their goal was to eliminate “inefficient fossil fuel subsidies” by 2025 and encouraged all countries to follow in their footsteps.
On the other hand, he promised to “defend” new global biodiversity goals, including conserving or protecting at least 30 percent of the global land and at least 30 percent of the global ocean by 2030, with a mission to stop and reverse loss of biodiversity.
NEWS: The first net zero @ G7 you have made historic commitments to tackle #ClimateChange & biodiversity loss.
This includes:
Transitioning away from coal
– COP26 (@ COP26) May 21, 2021
They also agreed on the need to increase funding dedicated to actions to curb the climate crisis, as well as to develop measures to prevent deforestation.
“This is an important step before we hold the G7 summit in Cornwall next month and a sign of commitment to accelerating action to address two parallel challenges, climate change and loss of biodiversity,” said the head of British Environment, George Eustice.
Unmet challenges and “vague” promises
Although nations around the world pledged under the 2015 Paris agreement to keep global temperature rise below 2 degrees Celsius and ideally closer to 1.5 ° C by 2050, many of the largest emitters They have not done so so far and the countries have not even agreed to a unified regulation that regulates the operation of the Paris agreement in practice.
Environmental activists globally welcomed the commitments made at the meeting, but urged rich countries to determine more detailed plans and timelines.
“The commitment to end international coal financing is really positive and leaves China isolated globally with its financing for the most polluting fossil fuel,” said Rebecca Newsom of Greenpeace UK.
“However, unfortunately, many of these promises remain vague when we need them to be specific and establish programmed actions,” he said.
With AFP and Reuters
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source https://pledgetimes.com/g7-countries-agree-to-start-halting-state-investment-in-fossil-fuels/
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