03 May 2021, North Rhine-Westphalia, Worringen: Steam rises from the cooling tower and chimneys of the Niederaussem lignite-fired power plant behind the Sinnersdorf church tower. Photo Credit: picture alliance via Getty Images
Environment The WorldThe World’s Most Powerful Economies Say “No More Coal”
The G7 nations have pledged to stop financing coal projects and phasing out their support for fossil fuels by the end of this year in the hopes of meeting the climate change targets they already agreed upon.
“(We) commit to taking 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,” according to a G7 statement.
The seven largest advanced economies of the world – United States, United Kingdom, Canada, France, Germany, Italy, and Japan – and the European Union agree that “international investments in unabated coal must stop now.” The G7 intent to respect the 2015 Paris Agreement aimed at capping the rise of the temperature to 1.5 degrees Celsius above pre-industrial times. They also vow to invest $100 billion annually until 2025 to finance climate change efforts.
