G7 sharply increases funding for countries to respond to climate change

On May 27, the Ministers of Climate, Environment and Energy of the Group of Industrialized Countries (G7) concluded. G7 Ministerial Meeting lasted two days in Berlin (Germany), with the first pledge to double funding for developing countries respond to climate change.

In a closing statement, the G7 agreed to double financial resources for developing countries by 2025 to help them overcome the damage caused by climate change.

An important point adopted by the G7 Ministers was the first commitment to the goal of creating zero-carbon electricity by 2035, towards ending the use of coal power. In addition, the G7 will also end funding for fossil fuel production until the end of 2022.

However, there is still the possibility of some exceptions if they meet the target of limiting global temperature rise to 1.5°C as well as the Paris Agreement on climate change.

Regarding the energy crisis caused by the conflict in Ukraine, the G7 pledged by 2025 to end subsidies for fossil fuels that countries are using to support people due to high energy prices. quantity increased.

G7 Ministers at a press conference on May 27, 2022, in Berlin, Germany. (Photo: Kyodo)

In addition, the G7 also aims to sharply reduce coal power, become carbon neutral in the transportation sector by 2030, and significantly increase the number of zero-emission vehicles this decade.

The G7 will step up cooperation with industries with the goal of reaching a common consensus to produce virtually zero emissions of steel and cement. G7 agrees to work more closely to reduce CO . emissions₂ and propose a toolkit for industrial decarbonisation. The G7 countries will also strengthen partnerships with a number of developing and emerging countries to respond to climate change.

In addition to the above issues, the G7 also agreed to the goal of protecting the oceans, namely preserving, protecting and sustainably using the sea areas, and promoting the resolution of the problem of plastic waste.

In the final G7 statement, the commitment to end the use of coal power with a deadline of 2030 was removed from the original draft.

According to people familiar with the matter, this specific goal does not receive the support of the US and Japan.

German Environment Minister Steffi Lemke expressed satisfaction with the results achieved at this G7 Ministerial Meeting. She said that the final statement of the conference “emphasized the goal of climate protection, protection of biodiversity in nature and commitment to combating climate change.” plastic waste pollution“.

In addition, the G7 also agreed to hold the World Conservation Conference this year, putting the protection of the oceans at the heart of G7 policies.

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