The Group of Seven most powerful nations on Sunday recommitted on cooperation to thwart climate change as they aim to nearly halve their greenhouse-gas emissions by 2030 and made good on a late pledge to help developing nations pivot to cleaner energy. The group said it will deliver on a previously pledged $100 billion for developing countries to speed up a shift to renewable energy, according to the U.K. government, which is hosting the G-7 event. Only two nations by Sunday night vowed to raise their help for poorer nations. Canada said it would double its climate finance pledge to C$5.3 billion ($4.4 billion) over the next five years and Germany would increase its by 2 billion to 6 billion euros ($7.26 billion) a year by 2025 at the latest, Reuters reported.
“G7 countries account for 20% of global carbon emissions, and we were clear this weekend that action has to start with us,” said U.K. Prime Minister Boris Johnson. The seven leaders said 2021 should be a “turning point for our planet” and to accelerate efforts to cut greenhouse gas emissions and keep the 1.5 Celsius global warming threshold within reach. Sunday’s cooperation is meant to build momentum ahead of the pivotal United Nations COP26 environmental summit in Glasgow in November. And the update follows tougher stances elsewhere, including a report earlier this spring from the historically pro-oil International Energy Agency, which said the world must stop investing in new oil CL00, 0.15% and gas wells NG00, 2.33% in order to hit ambitious climate goals by 2050. The G-7 leaders plan measures to phase out gasoline and diesel cars but additional details as of Sunday night U.S. time weren’t clear.
In addition, G-7 leaders will commit to ending direct government support for overseas coal-power generation by the end of this year, the White House said in its own release, later backed by the group communique. Read: How oil soaring to $100 a barrel could be bad for this boom-bust sector and the economy G-7 members will commit to almost halving their emissions by 2030 relative to 2010 levels, the U.K. government said. The U.K. has already committed to cut emissions by 58% by 2030, compared with the 2010 level.
What the News Means for You and Your Money Understand how today’s business practices, market dynamics, tax policies and more impact you with real-time news and analysis from MarketWatch. SUBSCRIBE NOW: 50% OFF 1 YEAR MarketWatch on Multiple devices Biden has already committed to cutting U.S. emissions by 50% by 2030 compared with 2005 levels. The EU has pledged to cut emissions by at least 55% compared with 1990. The G-7 will support a target to protect at least 30% of the world’s land and ocean by the end of the decade. A large group of investors were among those pressuring the G-7 for action. Some 450 investors wrote that the countries that take the lead on climate change would become “increasingly attractive” investment destinations, while laggards would find themselves at a competitive disadvantage.