Leaders of the Group of Seven (G7) developed democracies will commit to an accelerated transition away from fossil fuels within the next decade, according to a draft statement seen by Reuters.
They will release the statement, outlining a plan to achieve net-zero emissions by 2050 in alignment with the latest scientific findings, at the conclusion of their ongoing summit in Italy.
Phasing Out Unabated Coal Power by Early 2030s
Key commitments in the draft include a pledge to “phase out existing unabated coal power generation in our energy systems during the first half of the 2030s.” This ambitious goal demonstrates a strong resolve to reduce reliance on one of the most polluting fossil fuels.
With the COP29 United Nations climate conference approaching in November, the G7 leaders—representing the United States, Canada, Japan, Germany, France, Britain, and Italy—have declared their intention to submit “more ambitious” national climate plans. This signifies a collective effort to intensify efforts in combating climate change.
The draft document also includes a commitment to a collective effort to reduce methane emissions by 75% by 2030. Methane is a potent greenhouse gas, and its reduction is considered crucial for mitigating the impacts of climate change.
Controversial Green Light for Gas Investments
However, a section of the draft that may raise concerns among environmental activists is the endorsement of public investments in natural gas.
The leaders acknowledge that “in the exceptional circumstance of accelerating the phase-out of our dependency on Russian energy, publicly supported investments in the gas sector can be appropriate as a temporary response.”
This caveat, while subject to clearly defined national circumstances, has drawn criticism from those advocating for a more rapid and complete shift away from fossil fuels.
Overall, the G7 leaders’ commitment to accelerating the transition away from fossil fuels signals a significant shift in global climate policy. However, the inclusion of gas investments raises questions about the extent of their dedication to a truly sustainable and carbon-neutral future.