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G7 commits to end unabated coal finance in 2021 to ‘keep 1.5C within reach
(Climate Home News, 21 May 2021) The G7 group of rich nations has agreed to start phasing out fossil fuel finance overseas and end support for unabated coal power to keep the 1.5C goal in sight.
Following a two-day virtual meeting, climate and environment ministers from the UK, US, Japan, Canada, Germany, France and Italy agreed to enshrine the tougher goal of the Paris Agreement as the benchmark for climate action.
In a communique published on Friday, ministers said “investments in unabated coal must stop now” and committed to “an absolute end to new direct government support for unabated international thermal coal power generation by the end of 2021”.
“This commitment, I believe, sends a clear signal to the world that coal is on the way out,” said Cop26 president designate Alok Sharma.
Last week, Sharma said the Cop26 climate talks in Glasgow in November had to be the moment the world “consigns coal to history“.
Ministers also agreed to phase out direct government support for carbon intensive fossil fuel projects overseas “except in limited circumstances at the discretion of each country” and in a way which would “keep 1.5C within reach”.
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