The Group of Seven nations pledged last Sunday to accelerate the transition away from coal power dependence. This includes scaling up technologies and policies that help countries shift to greener power production.
In addition, the G7 nations agree to end government support for coal-fired plants within the year.
Less Coal Power, Less Emissions
Meanwhile, a communique issued after the G7 summit in Britain confirmed their pledges to increase climate finance contributions. This is part of the group’s efforts to reduce emissions that contribute to worsening climate change.
It also pushes the countries toward the adoption of cleaner energy. However, climate groups monitoring the G7 said that despite the pledges, actual cash amount commitments and other details remain lacking.
In their communique, the leaders of the United States, Britain, Canada, France, Germany, Italy, and Japan confirmed their commitment to reducing greenhouse gases.
“Coal power generation is the single biggest cause of greenhouse gas emissions. Continued global investment in unabated coal power generation is incompatible with keeping 1.5°C within reach,” their statement said.
“We stress that international investments in unabated coal must stop now and we commit now to an end to new direct government support for unabated international thermal coal power generation by the end of 2021,” the statement added.
US Commits $2 Billion To Support Developing Nations
Speaking after the summit, US President Joe Biden said the country will commit up to $2 billion to support efforts by developing countries to transition away from coal power.
Meanwhile, other G7 members said they will focus on other technologies to help veer away from coal-powered plants. This includes the use of carbon capture technology.
“We will focus on accelerating progress on electrification and batteries, hydrogen, carbon capture, usage and storage, zero-emission aviation and shipping, and for those countries that opt to use it, nuclear power,” the communique said.
Boost Climate Finance
In addition, the G7 member nations agreed to boost their climate spending to meet the $100 billion a year target to help poorer nations wean away from coal power and other sources of carbon emissions.
The seven nations promised to “jointly mobilize $100 billion per year from public and private sources, through to 2025”.
However, only two nations declared an actual amount. Canada pledged to double its climate contributions to $4.4 billion over the next five years. Meanwhile, Germany will increase its donation to $7.26 billion a year by 2025.
The group also pledged to speed infrastructure funding in developing countries, as well as aid to shift to renewable and sustainable technology.
Despite the commitment, climate groups called out the G7 for giving out a statement that lacks detail or firm commitments.
Watch the ABC News video reporting that G7 leaders pledge to phase out government investment in coal-fired power generation:
Do you agree with the moves to remove support for coal power initiatives and accelerate the shift to greener energy within 2021?
Also, do you agree with the US giving out money to help other nations wean away from coal plants?
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