The G7 nations agreed on Friday to end international funding for carbon projects that emit carbon dioxide to meet agreed climate change goals.
According to Reuters, the suspension of fossil fuel financing is seen as an important step towards limiting the increase in global temperatures to 1.5 ° C compared to pre-industrial times, which, according to scientists, would avoid the more devastating effects of this phenomenon. Climate change.
In a statement seen by Reuters, the world’s largest economies – the United States, the United Kingdom, Canada, France, Germany, Italy, Japan – and the European Union pledged to take concrete steps by the end of 2021 to eliminate direct government support for coal for coal power plants without emissions capture and storage technology (so-called coal). Relentlessly). As Reuters explains, this has not been used widely in energy production.
Alok Sharma, Chair of the COP26 Climate Summit, has made halting international coal financing a “personal priority” to help end the world’s dependence on fossil fuels.
The G7 nations also agreed to “work with other global partners to accelerate the adoption of zero-emission vehicles,” and “overwhelmingly” decarbonize the energy sector in the 1930s and move away from international financing of fossil fuels, although no specific date has been set for this. This goal.
They also affirmed their commitment to implementing the 2015 Paris Agreement.