Resource KT
Related Articles
“We stress that unrelenting international investment in coal must end now and commit to taking concrete steps to put an absolute end to new direct government support for relentless international thermal coal power generation. by the end of 2021, “said the document, reviewed by Reuters.
Coal is considered unchanged when it is burned to produce electricity or heat without using the technology to capture the resulting emissions, a system that is not yet widely used in power generation.
The deal comes against the backdrop of aligning international funding with the Paris Agreement’s goals to tackle climate change, reaching zero net greenhouse gas emissions by 2050 at the latest, including including significant reductions this decade.
For the objective to be achieved, electricity production must give way to renewable electricity such as wind and solar.
The document says G7 countries will review and phase out new direct government support for carbon-intensive fossil fuels, except in circumstances limited to individual country discretion.
The G7 called on other major economies to adopt the pledges, increasing pressure especially on China, which consumes about half of the world’s coal. Japan, which had long lagged behind its peers in abandoning coal, has moved closer to the position of other G7 members.
The phase-out of payments includes official development assistance, investment in export finance, and financial and trade promotion support.
The International Energy Agency (IEA) decried on Tuesday new oil, gas and coal projects.
“This meeting is a hopeful start,” the Global Strategic Communications Council (GSCC), a professional energy network, said in a statement.
