News ID: 303280
Published: 0254 GMT May 22, 2021

G7 agrees to stop international funding for coal

G7 agrees to stop international funding for coal
DANE RHYS/REUTERS

Heavy equipment excavate anthracite coal from a strip mine in New Castle, Pennsylvania, US, on July 13, 2020.

The world's seven largest advanced economies agreed to stop international financing of coal projects that emit carbon by the end of this year, and phase out such support for all fossil fuels, to meet globally agreed climate change targets.

Stopping fossil fuel funding is seen as a major step the world can make to limit the rise in global temperatures to 1.5 degrees Celsius above pre-industrial times, which scientists say would avoid the most devastating impacts of climate change, according to Reuters.

In a communique, which Reuters saw and reported earlier on Friday, the Group of Seven nations – the United States, Britain, Canada, France, Germany, Italy and Japan – plus the European Union said "international investments in unabated coal must stop now".

"(We) commit to take concrete steps towards an absolute end to new direct government support for unabated international thermal coal power generation by the end of 2021, including through Official Development Assistance, export finance, investment, and financial and trade promotion support."

Coal is considered unabated when it is burned for power or heat without using technology to capture the resulting emissions, a system not yet widely used in power generation.

Alok Sharma, president of the COP26 climate summit, has made halting international coal financing a "personal priority" to help end of the world's reliance on the fossil fuel, calling for the UN summit in November to be the one "that consigns coal to history".

He called on China to set out its "near-term policies that will then help to deliver the longer-term targets and the whole of the Chinese system needs to deliver on what President Xi Jinping has set out as his policy goals".

The G7 nations also agreed to "work with other global partners to accelerate the deployment of zero emission vehicles", "overwhelmingly" decarbonizing the power sector in the 2030s and moving away from international fossil fuel financing, although no specific date was given for that goal.

They reiterated their commitment to the 2015 Paris Agreement aim to cap the rise in temperatures to as close as possible to 1.5 degrees Celsius above pre-industrial times and to the developed country climate finance goal to mobilize US$100 billion annually by 2020 through to 2025.

US climate envoy John Kerry urged countries in the Group of 20 world's largest economies to match the measures.

But some green groups said while they welcomed the steps, the G7 needed to set a stricter timetable.

 

 

 

 

   
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