G7 ministers agree on new measures against fossil fuels in response to climate change.
The G7 Climate and Environment Ministers met digitally on the 20th and 21st of May 2021.
Environment
ministers from the United Kingdom, the United States, Canada, Japan, France,
Italy, and Germany met virtually as part of a series of meetings leading up to
the G7 summit in Cornwall in June.
The online conference was organized by the United Kingdom.
To
limit global warming, the G7 has agreed to stop financing coal from abroad.
To
meet internationally negotiated climate change goals, the world's seven largest
industrialized economies agreed on Friday to stop foreign funding of
carbon-emitting coal projects by the end of this year and phase out such
subsidies for all fossil fuels.
Stopping
support for fossil fuels is seen as a big move the planet should take to keep
global temperatures below 1.5 degrees Celsius above pre-industrial levels,
which experts claim would prevent the worst effects of climate change.
The
G7 environment ministers have agreed to meet climate goals based on reducing
global warming to 1.5 degrees Celsius.
That's
a lot more optimistic than the previous limit of 2 degrees Celsius.
Ministers
have decided that by the end of 2021, direct financing of coal-fired power
plants in developing countries would be phased out.
The decision comes after the International Energy Agency suggested earlier this week that if the world is to reach net-zero carbon emissions by 2050 and restrict global warming to 1.5 degrees Celsius, all future fossil fuel projects should be abandoned.
The
G7 nations, which include Canada, France, Germany, Italy, Japan, the United
States, and the United Kingdom, have agreed to "significantly
accelerate" the transition away from gasoline in the transportation
industry over the next decade.
By
the 2030s, fossil fuels should be largely phased out of G7 countries' energy
supplies.
The
grouping reaffirmed its aim of eliminating "inefficient fossil fuel
subsidies" by 2025, and urged all countries to do the same.
There's also a significant pledge to protect 30 percent of land for
nature by 2030, which will benefit biodiversity and absorb carbon emissions.
The
decisions reached are an important first step on the path to COP26, the crucial
global climate summit scheduled for November in Glasgow.
The United Kingdom, which is hosting both the Cop26 summit and the G7 rotating presidency, has urged all countries to phase out coal-fired power generation. However, the controversy over a potential new coalmine in Cumbria,
which is now the focus of a public inquiry, has overshadowed its efforts.
Ministers
have also refused to put a stop to the planned Cumbria coal mine, and are
moving forward with a £27 billion road project and the HS2 rail project, all of
which would increase pollution.
Greenpeace
UK's head of politics, Rebecca Newsom, said the campaign against fossil fuels
"needs to go far further, ending all new coal, oil, and gas ventures at
home as well as foreign funding."
“China
is isolated globally with its continuing foreign financing for the most
polluting fossil fuel,” she said, referring to the agreement to end overseas
coal funding.
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