New Delhi: Group of Seven countries G-7 on Friday pledged to achieve “predominantly decarbonized” electricity sectors by 2035, a goal that experts said it would help the world to achieve net-zero by 2050 and avert the “catastrophic” due to climate change.
G7 climate, energy and environment ministers made the new pledge in a 40-page communiqué at the conclusion of their meeting in Berlin, in which they also committed to an eventually phaseout of coal power generation.
An 84-point agreement said any fossil fuel subsidies to mitigate the fallout from Russia’s invasion should be “temporary and targeted” as countries try to stay on track with their climate change goals.
German Vice Chancellor Robert Habeck said it was more important than ever to speed up the shift away from fossil fuels at a time when Europe’s dependency on Russian oil and gas.
“Protecting the climate, exiting coal and expanding renewable energies are questions of national, European and international energy security that we need to tackle resolutely together,” Mr Habeck said.
The G7 includes the United States, Canada, France, Germany, Italy, Japan and the United Kingdom, as well as the European Union. Their decisions on energy and climate are often pitched to the wider G20 group, which together produce 80% of the world’s greenhouse gas emissions.
“In view of the Russian attack on Ukraine, financial support for companies and citizens affected by severely rising prices for fossil fuels is now on the political agenda for several countries,” it said. “Nevertheless, we aim for our relief measures to be temporary and targeted and we reaffirm our commitment to the elimination of inefficient fossil fuel subsidies by 2025” said communique.
The G7 said it is “collectively committed” to the pledge made by developed countries to mobilise $100bn/yr in climate finance to non-developed countries and expressed “deep regret… this goal has not yet been fully delivered.” It said it is confident this will be met in 2023.
It noted “with concern the scale of private finance currently still supporting non-Paris aligned activities especially in the fossil fuel sector,” and said the public sector must ensure “appropriate regulatory frameworks, policies and fiscal and economic levers” to ensure sustainable investment. The group will collectively at least double climate finance for adaptation to developing countries from 2019 levels by 2025.
It urged all countries, particularly major emitters, to revisit targets for 2030 in their nationally determined contributions (NDCs) by the end of the year to ensure they are in alignment with Paris Agreement goals.
All G7 members have committed to achieving net zero greenhouse gas emissions by 2050 at the latest. And members will work to implement the Global Methane Pledge, made at the UN Cop 26 climate summit, including working with the oil and gas sector to reduce flaring.
The G7 statement also touched on biodiversity, saying it will push for adoption of the Post-2020 Global Biodiversity Framework at the UN biodiversity Cop 15 summit, scheduled for the third quarter of this year.
