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G7 countries have vowed to halt all new funding for coal projects abroad by the end of this year, in the wake of global efforts to tackle climate change.
“International investment in non-stop coal must now be stopped,” G7 Environment Ministers, including John Kerry of the Biden administration and Alok Sharma of the UK, said on Friday. They pledged to take “specific steps” to end the new government’s direct support for the creation of international thermal coal, where no effort is being made to capture emissions.
The outspoken statement sets the stage for further climate engagement with G7 leaders, including British Prime Minister Boris Johnson and US President Joe Biden, when they meet in Cornwall next month.
“This commitment sends a clear signal to the world that coal is coming out,” said Sharma COP26 climate summit president. “We have all agreed to speed up the transition away from the ability of dirty coal.”
If coal mining be under pressure after the International Energy Agency said this week that there would be no need for new coal mines if the world were to reduce emissions net zero by 2050.
G7 countries also pledged to make “faster efforts” to limit global warming to 1.5 C compared to previous industrial times – a big change from the previous sentences was to limit global warming to 2 C, a slightly easier goal.
“This is the first time we have joined a public statement around 1.5C,” said U.S. climate envoy Kerry, who has followed up on all major economies in the world.
The 2015 Paris agreement binds all signatories to limit heating from “very low” to 2C, and says 1.5 C (seen as an interval target) would be even better.
“This is the moment. . . There’s a huge difference between 1.5C and 2C, ”said Alden Meyer, senior associate at the E3G think-tank group.
However, the ministers did not reach a concrete agreement on climate aid to developing countries, which is preparing one of the most thorny issues at the UN COP26 summit in November. They reaffirmed their goal of mobilizing $ 100 billion annually by 2025, which has not yet been met, but did not specify plans to financially support developing countries above 2025.
Concern arose that the G7 could not make a clear commitment to end international coal financing if Japan did not accept the commitment because of its dependence on coal, which was seen as reluctant.
On Friday, Kerry noted “the work we have done with Japan and the important steps Japan has taken and the important effort to find unity on the way forward.”
The move puts pressure on China as it becomes a major consumer of coal. The communication also came just days after the publication of the International Energy Agency’s reference report, which called for an end to all new coal, oil and gas exploration.
According to Kerry, the team believes “very deeply” in the importance and significance of the IEA report.
Ministers say new funding for international fossil fuel energy projects will disappear, “except in certain limited circumstances.” But they noted that natural gas may be needed to help move to cleaner fuels “for a limited time”.
Rebecca Newsom, head of policy at Greenpeace UK, said actions on fossil fuels “need to go far beyond completing all new coal, oil and gas projects at home and funding them internationally”.
He added that the commitment to foreign coal financing “leaves China isolated with continued international financing of the world’s most polluting fossil fuels.”
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