In climate push, G7 agrees to stop international funding for coal

  • 8 months   ago
In climate push, G7 agrees to stop international funding for coal

The world’s seven largest advanced economies agreed on Friday to stop international financing of coal projects that emit carbon by the end of this year, and phase out such support for all fossil fuels, to meet globally agreed climate change targets.

Stopping fossil fuel funding is seen as a major step the world can make to limit the rise in global temperatures to 1.5 degrees Celsius above pre-industrial times, which scientists say would avoid the most devastating impacts of climate change.

Getting Japan on board to end international financing of coal projects in such a short timeframe means those countries, such as China, which still back coal are increasingly isolated and could face more pressure to stop.

 

In a communique, which Reuters saw and reported on earlier, the Group of Seven nations - the United States, Britain, Canada, France, Germany, Italy and Japan - plus the European Union said "international investments in unabated coal must stop now".

"(We) commit to take concrete steps towards an absolute end to new direct government support for unabated international thermal coal power generation by the end of 2021, including through Official Development Assistance, export finance, investment, and financial and trade promotion support."

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