G7 countries commit to stop financing coal plants by the end of this year

Members of the Rich Country Club are committed to the goal of achieving carbon neutrality “by 2050 at the latest”. Germany recently raised its climate targets to reach this target in 2045.

The Group of Seven (G7) major industrialized nations agreed to stop funding coal-fired power stations later this year to help fight climate change.

According to the closing statement, the wealthiest countries on the planet are committed to “decarbonizing (reducing carbon emissions)” from their electric power sources during the third decade of the current century.

This means drastically reducing the use of oil, gas and coal to produce electricity.

Important information: Green Hydrogen, Energy Against Climate Change

“The Group of Seven industrialized nations realizes that all new investments in the production of electricity from carbon in the world must stop immediately, because they do not correspond to the goal” of limiting global warming to a maximum of 1.5 ° C, as stipulated in the Paris Agreement, The statement said.

“This is an important step forward, because only in this way can we, the industrialized countries, claim the credibility that others follow us on this path,” said German Environment Minister Svenia Schultz.

Members of the Rich Country Club are committed to the goal of achieving carbon neutrality “by 2050 at the latest”. Germany recently raised its climate targets to reach this target in 2045.

The United Kingdom, which currently chairs the Group of Seven major industrialized nations, will host the COP26 climate conference in person in November in Glasgow, Scotland.

The French Environment Minister, Barbara Pompili, added that this step “establishes the basis for a radical transition to clean energy,” praising Japan’s decision to join the initiative.

The G7 countries are Canada, France, Germany, Italy, Japan, the United States and the United Kingdom. The text indicated that they are the main car manufacturers in the world, and with this measure, they are committed to “radically accelerating” the transition of this sector towards clean energy.

The group will stop subsidizing the fossil fuel sector in 2025.

Meanwhile, the statement said, it is setting new environmental goals: to conserve or protect at least 30% of the planet’s surface and at least 30% of the sea surface by 2030.

At the 2015 Climate Conference (COP) in Paris, the international community pledged to take measures to limit the increase in the average temperature of the planet to below 2 ° C, and ideally to 1.5 ° C.

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But the vast majority of greenhouse gas emissions on the planet have failed to meet their short and medium term goals.

COP26 in Glasgow is the “last hope” to preserve this goal in a realistic way, according to the chair of this climate event, British lawmaker Alok Sharma.