(Bloomberg) -- The Group of Seven nations have agreed to phase out fossil fuel subsidies and to stop financing coal projects, according to a draft statement seen by Bloomberg.
The statement, which will be endorsed by G-7 environment and climate ministers on Friday, will align government policies to the crucial target of keeping global temperature rises within 1.5°C.
It calls for an end to international support for “unabated” thermal coal generation this year, and promises to phase out “inefficient” fossil fuel subsidies by 2025.
International financing will be aligned with the global goal of achieving net zero greenhouse gas emissions no later than 2050. They will also commit to “deep emission reductions in the 2020s,” according to the draft.
The adoption of these commitments will be seen as a diplomatic win for the U.K., which is hosting the summit as well as a round of climate talks later this year. The G-7 and other international forums have tried in the past to put an end to fossil fuel subsidies but failed to reach agreement on the crucial details of a specific timeframe and definitions.
©2021 Bloomberg L.P.
Advertisement