The G7 is committed to decarbonizing its electricity and ending fossil fuel subsidies abroad

Posted 27 May, 2022

The G7 countries pledged on Friday to decarbonize the majority of their electricity sector "by 2035", as well as to end all international funding for fossil fuel projects this year.

“We are committed to achieving a majority carbon-free electricity sector by 2035,” they said in a statement released after a meeting of climate and energy ministers in Berlin.

To achieve this goal, the countries pledge “to support the acceleration of the global phase-out of coal” and to “rapidly develop the technologies and policies necessary for the transition to clean energy”.

This is the first time that the seven industrial powers (United States, Japan, Canada, France, Italy, United Kingdom, and Germany) have committed together to such an objective.

The ministers also promised to end overseas financing of fossil fuel projects without carbon capture technology by "the end of 2022". This announcement was made possible thanks to a reversal of Japan, the last country in the group which refused to commit to this question.

Twenty countries, including the other G7 states, had already signed a declaration to this effect last November, during COP 26 in Glasgow.

"It's good that Japan, the world's largest financier of fossil fuels, has joined the other G7 countries," Alden Meyer, expert for the European Think Tank E3G, told AFP.

The G7 states also recalled their common objective of eliminating all direct subsidies to fossil fuels "by 2025". "Rewarding behavior that is harmful to the climate with subsidies (...) is absurd and this absurdity must be eliminated", commented Robert Habeck, German Minister for the Economy and Climate, during a press conference. Friday.

According to the NGO Oil Change International, between 2018 and 2020, the G20 countries alone financed such projects to the tune of 188 billion dollars, mainly through multilateral development banks.

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