G-7 reiterates commitment to clean energy funds owed to developing countries and takes 2030 goals seriously
On Sunday, the Group of Seven Most Powerful Nations re-pledged to cooperate to thwart climate change as they aim to cut greenhouse gas emissions nearly in half by 2030 and have kept their belated pledge help developing countries switch to cleaner energy.
The group said it would honor the $ 100 billion previously pledged to developing countries to speed up the switch to renewables, according to the UK government, which is hosting the G-7 event.
On Sunday evening, only two nations pledged to increase their aid for the poorest nations. Canada said it would double its climate finance commitment to C $ 5.3 billion ($ 4.4 billion) over the next five years and that Germany would increase its from C $ 2 billion to C $ 6 billion. euros ($ 7.26 billion) per year by 2025 at the latest, Reuters reported.
“The G7 countries account for 20% of global carbon emissions, and we made it clear this weekend that action must start with us,” said British Prime Minister Boris Johnson.
The seven leaders said 2021 should be a “turning point for our planet” and accelerate efforts to reduce greenhouse gas emissions and keep the global warming threshold of 1.5 Celsius within reach.
Sunday’s cooperation aims to build momentum ahead of the crucial UN environmental summit COP26 in Glasgow in November. And the update follows tougher positions elsewhere, including a report earlier this spring from the historically pro-oil International Energy Agency, which said the world must stop investing in the new CL00 petroleum,
and NG00 gas well,
to achieve ambitious climate goals by 2050.
G-7 leaders are planning steps to phase out gasoline and diesel cars, but additional details on Sunday night UTC were unclear.
In addition, G-7 leaders will pledge to end direct government support for overseas coal-fired power generation by the end of this year, the White House said in its own statement. , later supported by the group’s statement.
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G-7 members will pledge to cut their emissions by almost half by 2030 from 2010 levels, the UK government has said. The UK has already pledged to cut emissions by 58% by 2030, compared to 2010 levels.
Biden has already pledged to reduce US emissions by 50% by 2030 from 2005 levels. The EU has pledged to cut emissions by at least 55% from 1990 levels.
The G-7 will support a goal of protecting at least 30% of the world’s land and oceans by the end of the decade.
A large group of investors were among those pressuring the G-7 to act. Some 450 investors wrote that countries leading the way on climate change would become “increasingly attractive” investment destinations, while laggards would find themselves at a competitive disadvantage.