G7 Will Stop Financing Fossil Fuels in the Near Future

G7 Ministers Agree on Next Steps in the Struggle Against Fossil Fuel Extraction

At the recent G7 summit, ministers from the world’s leading nations agreed to take further steps to limit global temperature rise. Concerned about our planet’s ecology and climate, they announced more ambitious plans to combat the factors responsible for global warming. Thus, the previous maximum annual temperature increase of 2°C was reduced to 1.5°C, which is not an easy task when fossil fuels continue to be extracted and used in large quantities. In addition, G7 ministers made a pact to end funding for coal-fired power plants, still operating in many poor countries around the globe. Although such statements have many weaknesses, they send a clear message to development banks that continue to finance coal power in Third World countries.

The Fight Against Hydrocarbon Extraction

Organized by the UK, a virtual meeting of environment ministers from seven of the world’s most powerful nations has led to ‘encouraging results’. The decisions taken are an important step towards COP26, the large-scale climate summit scheduled to take place in Glasgow in November 2021. Thus, the decision to limit the global temperature rise to 1.5°C will lead to faster and more decisive action on reducing emissions of degradable hydrocarbon products by 2030, rather than by mid-century as previously planned. Moreover, it poses serious problems for the companies developing the fields right now. The ministers say their decision was influenced by a recent IEA report that to achieve zero emissions by 2050, gas, oil and coal must be phased out entirely today.

International Agenda

As known, fast-growing economies like India and Indonesia are still dependent on hydrocarbon fuels, so a lot of investment will be needed to ensure their continued growth through the use of clean technologies. Another major concern is that Japan has not yet decided to move away from coal mining, but ministers have expressed their hopes that the government will change its stance. Another issue on the agenda is the fight against poaching, as well as the transition to zero-emission vehicles. Although some countries continue to block all these important initiatives, the time has come to protect our planet from our own negative impact.

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