Climate Change

G7 agrees to eliminate international funding for coal power generation

G7 agrees to eliminate international funding for coal power generation

Photo: Steve Buissinne from Pixabay

Published

May 25, 2021

Country

Comments

0

Share

Published:

May 25, 2021

Country:

Comments:

0

Share

The G7 climate and environment ministers have agreed to end new direct government support for coal power generation on a global scale by the end of 2021 and confirmed a pledge to eliminate fossil fuel subsidies by 2025.

The group of the most developed countries became “net-zero G7” this year as they all committed to reaching net-zero carbon emissions by 2050 at the latest, with deep emissions reduction targets in the 2020s.

All member countries have vowed to cut net emissions to zero

The climate and environment ministers of the G7, under the United Kingdom’s leadership, secured historic commitments which will put climate, biodiversity, and the environment at the heart of worldwide COVID-19 recovery, according to a press release by the UK presidency.

As a first step, the G7 countries will end all new finance for coal power by the end of 2021, matched by increased support for clean energy alternatives like solar and wind. It was also agreed to accelerate the transition away from unabated coal capacity and to an overwhelmingly decarbonized power system in the 2030s.

Continued global investment in coal power generation is incompatible with keeping 1.5°C within reach

“Continued global investment in unabated coal power generation is incompatible with keeping 1.5°C within reach, so we stress that international investments in unabated coal must stop now and commit to taking concrete steps towards an absolute end to new direct government support for unabated international thermal coal power generation by the end of 2021,” the environment ministers communique reads.

G7 agreed to conserve or protect at least 30% of the world’s land and at least 30% of the world’s oceans by 2030

All G7 members signed up to the global ‘30×30’ initiative to conserve or protect at least 30% of the world’s land and at least 30% of the world’s oceans by 2030, and committed to ‘30×30’ nationally.

The G7 has agreed to increase the quantity of finance for climate action, including for nature, in order to meet the USD 100 billion per annum target to support developing countries, the UK presidency said.

Progress made ahead of COP26 in Glasgow – Alok Sharma

According to COP26 President-Designate Alok Sharma, the G7 is showing great leadership under the UK’s presidency in tackling climate change and making sure those who are worst affected by it are better protected.

“We know we need to consign coal to history and the G7 has taken a major step towards a decarbonized power system. We are acting abroad as we’re doing at home by agreeing to phase out international fossil fuel finance, starting with coal –  another key milestone in this crucial year for climate action. I look forward to continuing this work as we make progress ahead of COP26 in Glasgow later this year and keep 1.5 degrees within reach,” Sharma said.

Comments (0)

Be the first one to comment on this article.

Enter Your Comment
Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles

Two four European Sustainable Energy Awards Southeastern Europe

Two of four European Sustainable Energy Awards go to Southeastern Europe

26 September 2022 - Timea Farkas is the Young Energy Trailblazer at European Sustainable Energy Awards and the Minoan Energy Community won in the Local Energy Action category

City of NiS starts development of Energy Transition Roadmap until 2050 tender

City of Niš in Serbia to develop Energy Transition Roadmap until 2050

26 September 2022 - The local team in charge of the project is seeking an experienced consultant to support the work, the deadline for offers is October 4

EU Commissioner Simson this year EUSEW most important so far

EU Commissioner Simson: This year’s EUSEW is most important one so far

26 September 2022 - The European Sustainable Energy Week – EUSEW started today with top EU officials urging for a faster energy transition

Denmark first to take responsibility for loss and damage from climate change

23 September 2022 - A global mechanism to compensate for loss and damage caused by climate change could come to life after years of unsuccessful negotiations