Context

Energy and environment ministers of the Group of Seven wealthy nations vowed to work to hasten the shift toward cleaner, renewable energy, but set no timetable for phasing out coal-fired power plants.

Key excerpts 

• The Group of Seven industrialised nations, which also includes Germany, Italy, Canada and the EU, all target net-zero emissions by 2050 or sooner after signing the Paris Agreement to cap warming at well under 2 degrees Celsius, and ideally 1.5C.
• Reducing carbon emission: The leaders reiterated the need to urgently reduce carbon emissions and achieve a “predominantly decarbonized power sector” by 2035.
• Phasing out fossil fuel: The group is committed to accelerate the phase-out of unabated fossil fuels so as to achieve net zero in energy systems by 2050 at the latest.
  • But they offered no new deadlines beyond last year's G7 pledge.
• Hydrogen and Ammonia: The group recognised low-carbon and renewable hydrogen and its derivatives such as ammonia should be developed and used where they are impactful as effective emission reduction tools to advance decarbonisation.
• Critical mineral: The group is committed to maintain products containing critical minerals and raw materials in the economy as long as possible
• Plastic pollution: The group is committed to end plastic pollution, with the ambition to reduce additional plastic pollution to zero by 2040.

What is this move significant?

• The G-7 nations account for 40% of the world’s economic activity and a quarter of global carbon emissions.
• Their actions are critical.