G7 countries have pledged to stop all new direct financing for coal power projects in developing countries by the end of 2021.
They have also made a commitment to accelerate the transition away from unabated coal capacity and to an “overwhelmingly decarbonised” power system in the 2030s.
The historic commitments, which will put climate, biodiversity and the environment at the heart of worldwide COVID-19 recovery, were agreed as environment ministers from the UK, Canada, France, Germany, Italy, Japan and the US took part in the virtual G7 meeting, one of a series leading to the leaders’ summit in Cornwall in June.
The countries intend to increase support for clean energy alternatives like solar and wind power as well as boost finance for climate action, including for nature, to meet the $100 billion a year target to support developing nations.
Measures to tackle global deforestation were also secured, with the G7 committing to increase support for sustainable supply chains that decouple agricultural production from deforestation and forest degradation, including production stemming from illegal land conversion.
All G7 members signed up to the global ‘30×30’ initiative to conserve or protect at least 30% of the world’s land and at least 30% of the world’s ocean by 2030 – and committed to ‘30×30’ nationally.
COP26 President-Designate Alok Sharma said: “We are the first net zero G7. Under the UK’s Presidency, the G7 is showing great leadership in tackling climate change and making sure those who are worst affected by it are better protected. As we recover from the pandemic we are focused on building back greener – creating jobs and prosperity, without harming the planet.
“We know we need to consign coal to history and the G7 has taken a major step towards a decarbonised power system. We are acting abroad as we’re doing at home by agreeing to phase out international fossil fuel finance, starting with coal – another key milestone in this crucial year for climate action.
“I look forward to continuing this work as we make progress ahead of COP26 in Glasgow later this year and keep 1.5 degrees within reach.”