G7 to end state financing for coal power plants

G7 to end state financing for coal power plants

LONDON: The Group of Seven wealthy nations on Friday agreed to end state financing of coal-fired power plants by the end of this year, and to “mostly decarbonize” electricity supplies in the 2030s. Ahead of a leaders meeting in Britain next month, G7 countries’ climate and environment ministers also reaffirmed their commitment to limit keep temperature rises below 1.5 degrees Celsius by 2050, following a two-day virtual meeting.

Scientists say any increases beyond that will trigger uncontrollable climate change. “Recognizing that continued global investment in unabated coal power generation is incompatible with keeping 1.5C within reach, we stress that international investments in unabated coal must stop now,” the ministers said.

UK lawmaker Alok Sharma, who is president-designate of the COP26 UN climate summit to be held in Glasgow in November, said the consensus was “a clear signal to the world that coal is on the way out”. The move follows a recommendation from the International Energy Agency earlier this week that all future fossil fuel projects must be scrapped if the world is to reach net-zero carbon emissions by 2050 and limit warming to 1.5C.

German Environment Minister Svenja Schulze called the agreement “an important step forward” that gave credibility to industrialized nations