Leaders of the Group of Seven developed democracies will commit to accelerating their transition away from fossil fuels during this decade, according to a draft of a statement to be issued at the end of their summit in Italy.
But it also allows an alternative commitment of phasing out coal-fired power plants “in a timeline consistent with keeping a limit of a 1.5°C temperature rise within reach, in line with countries’ net-zero pathways”, offering leeway to Germany and Japan, whose economies are still dependent on the fuel.
With the COP29 United Nations climate conference due to start in November, the leaders of the United States, Canada, Japan, Germany, France, Britain and Italy said they would submit “more ambitious” national climate plans, according to the draft. “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, subject to clearly defined national circumstances,” the draft said.“The G7′s reluctance to chart a bold course away from oil and gas investments reflects a broader failure to seize the moment,” said Oscar Soria, CEO of Common, an environmental and financial policy think-tank.