G7 nations to announce joint actions to end public support for overseas unabated coal generation by end of 2021
The G7 nations have agreed to start phasing out fossil fuel finance overseas and end support for unabated coal power by the end of 2021 to keep the 1.5C goal in sight.
The United States is rallying the world’s democracies to deliver and meet the world’s biggest challenges, and demonstrate shared values.
President Biden and fellow G7 Leaders agreed to a set of concrete actions to accelerate the global transition away from coal generation as part of efforts to combat the climate crisis.
The breakthrough on ending coal finance comes after the International Energy Agency found that investments in new oil and methane production, as well as unabated coal power for the global energy sector to reach net-zero emissions by 2050.
Earlier this year, UN secretary-general António Guterres called on G7 nations to double their climate finance commitments at the leader’s summit in Cornwall, UK. Only by then the UK and the US have committed to do so.
However, rich nations are yet to mobilize $100bn a year to help developing nations cut their emissions and cope with climate impacts. The UN estimates developed countries remain $20bn short of the goal.
Accelerating Decarbonization and Transition from Unabated Coal: President Biden’s domestic leadership, G7 Leaders will commit to an end to new direct government support for unabated international thermal coal power generation by the end of this year. To support key developing countries in their transitions away from unabated coal, Canada, Germany, the UK, and the United States will also include a new collective commitment to provide up to $2 billion.
The funds will support the work of the Climate Investments Funds on accelerating the transition from coal in developing countries. It will also boost investment in technology, job training, and infrastructure to enable the transition to a more reliable and prosperous clean energy economy.
Hard-to-abate heavy industrial sectors like cement and steel will play a key role in this transition. Therefore, Leaders are launching the G7 Industrial Decarbonization Agenda to accelerate innovation, deploy decarbonization technology, and harmonize standards. The Leaders will also emphasize sectoral decarbonization in power, transport, agriculture, and buildings.
Aligning to Confront the Climate Crisis: Additionally, all G7 leaders will align their long-term and short-term climate goals consistent with keeping the 1.5 degrees Celsius global warming threshold within reach. Leaders will also resolve to strengthen adaptation and resilience to protect people from the impacts of climate change and to halt and reverse biodiversity loss, mobilize finance, and leverage innovation to reach these goals.
To fully address the climate crisis, United States said leaders must recognize and focus on the role of conservation. This is whyUS supports the G7 goal of conserving or protecting at least 30 percent of global land and marine areas by 2030. The commitment is grounded in scientific evidence that has shown increasing conservation is critical for maintaining ecosystems’ health and productivity.