G7 Nations having a Tough Time Putting Climate Agenda on Track

Published on: 26 May 2022 05:05 PM
by KnowESG

Ministers from the world's wealthiest democracies will meet in Berlin to discuss how to keep climate change objectives on track, despite spiralling energy costs and fuel supply concerns triggered by the Ukraine conflict.

At the G7 summit on May 25-27, energy, climate, and environment ministers want to reiterate their commitment to limit global warming to 1.5 degrees Celsius and safeguard biodiversity.

According to a communiqué, the group will explore agreeing to phase out coal power generation by 2030, though sources say that opposition from the US and Japan might derail such a decision.

The document, which might be before Friday's discussions, would also commit G7 countries to a "net-zero power sector by 2035" and require them to begin reporting publicly next year on how they are meeting a previous G7 commitment to cease "inefficient" fossil fuel subsidies by 2025.

The Russian invasion of Ukraine has prompted a race among countries to buy more non-Russian fossil fuels and burn coal to reduce their reliance on Russian supply, prompting concerns that the war would harm climate change efforts.

David Ryfisch, a climate policy expert at non-profit Germanwatch, said:

"We have a new reality now. The G7 needs to respond to that, and they should respond through renewables, not through fossil fuel infrastructure."

While trying to reach an agreement on a Russian oil embargo, the European Union is pushing for a faster transition to renewable energy while also looking for fossil fuel alternatives to Russian supplies.

According to Alden Meyer, senior associate at climate think tank E3G, climate change is the best and quickest method for countries to attain energy security.

Meyer said, "Climate impacts are worse than scientists originally predicted, and there is far worse ahead if we do not cut emissions rapidly. Delivering on climate promises becomes even more vital in this tense geopolitical environment.”

Before the summit, the B7 group of prominent G7 business and industry federations urged the group to support a plan similar to German Chancellor Olaf Scholz's "climate club" to standardise emissions and CO2 pricing rules.

Scholz proposed a notion that reduces trade friction in green tariffs, market development for decarbonised products, carbon pricing, and removal methods.

Source: Arab News

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