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G7 countries agree to end overseas coal financing

Source : 112 Ukraine

Coal is the single-biggest cause of global temperature increases
11:53, 22 May 2021

G7 Foreign Ministers
Open source

Climate ministers from G7 countries have committed to "further accelerate the transition away from unabated coal capacity" and agreed to end the financing of coal-fired plants overseas. It was reported by The Guardian.

The ministers now commit to "an overwhelmingly de-carbonised power system in the 2030s, consistent with our 2030 NDCs [nationally determined contributions] and net zero commitments".

Related: EU reaches preliminary agreement on new climate target - 55% emission reductions by 2030

Coal is the single-biggest cause of global temperature increases, the statement says, adding that the G7 will "lay the groundwork for further joint action" before the COP 26 meeting in November.

"We stress that international investments in unabated coal must stop now and 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," the ministers said.

Japan, one of the world’s biggest sources of finance for coal power, along with China, raised concerns that if it halted the financing, China would step in and build coal-fired power plants overseas that were less efficient than Japanese designs.

The other G7 members – the UK, the US, the EU, France, Italy, Germany, and Canada – were all united in calling for an end to such financing.

Meanwhile, European Union leaders will hold a face-to-face summit in Brussels on May 25 to discuss the coronavirus crisis, the battle against climate change and tensions with Russia.

Several recent EU gatherings have been held by videoconference as a Covid-19 safety measure, but a spokesman for European Council president Charles Michel said next month's summit would be in person.

Officials have expressed frustration that decision-making is slowed at video summits, where leaders can not meet in smaller huddles on the sidelines and there are privacy concerns.

Related: "We stand indeed at the edge of the abyss": Guterres adresses extreme weather, climate disasters

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