G7 agrees to cut foreign coal financing to curb global warming

The G7 countries have pledged to suspend all new funding for foreign coal projects by the end of this year, advancing global efforts to combat climate change.

“International investment in private coal must stop now,” the G7 environment ministers, including Biden’s Kerry Kerry and Britain’s Alok Sharma, said in a statement on Friday. They promised to take “concrete steps” to end the government’s new direct support for international coal-fired power generation, where no effort is being made to curb emissions.

The stern statement paves the way for more climate promises as G7 leaders, including British Prime Minister Boris John Onson and US President Biden, meet in Cornwall next month.

“This commitment sends a clear signal to the world that coal is on its way out,” said Sharma, President of the COP26 Climate Summit. “We have all agreed to speed up the removal of coal from its dirty power.”

Coal mining has under pressure After the International Energy Agency said this week that no new coal mines are needed if the world plans to reduce emissions net zero until 2050,

The G7 countries also promised to “make swift efforts” to limit global warming by 1.5 degrees compared to pre-industrial times. This is a big change from previous announcements, which focused on limiting heating to 2 degrees, which is a little easier.

“This is the first time we have come together with a public statement on 1.5C,” said Kerry, the US ambassador to the United Nations.

The 2015 Paris Agreement obliges all signatories to sign warming below “2”; he says 1.5C, which is seen as a stretching target, will be better.

“It simply came to our notice then. “There is a huge difference between 1.5C and 2C,” said Alden Meyer, senior fellow at E3G think tank.

However, the ministers failed to reach any concrete agreement on climate assistance to developing countries, which will be one of the hottest issues at the UN COP26 summit in November. They reiterated their goal of mobilizing $ 100 billion a year by 2025, which remains insufficient but does not outline plans to provide financial assistance to developing countries after 2025.

There were fears that the G7 might not be able to make a clear commitment to end international coal funding if the support aponia did not support the promise, as it was considered more reluctant to depend on coal.

On Friday, Kerry noted “the work we have done with Japan Aponia և Japan Aponia’s strong steps and efforts to find unity on the road ahead.”

The move increases pressure on China as a major consumer of coal. The announcement came just days after the International Energy Agency released a historic report calling for an end to all new coal, oil and gas exploration.

Kerry said the group believed “very deeply” in the importance and significance of the IEA report.

The ministers announced that they would phase out new funding for international fossil fuel energy projects, “except in certain limited circumstances.” But they said natural gas might be needed to help “cleaner” fuels “for a limited time”.

Rebecca Newsom, UK’s Greenpeace Policy Officer, says action against fossil fuels “must go much further, ending all new coal, oil and gas projects, as well as their international funding”.

The commitment to stop financing foreign coal, he added, “China is isolating itself in the world by continuing to finance the most polluted fossil fuels.”

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