Negosyante News

May 20, 2024 8:33 pm

G7 Nations Commit to Ending Coal Usage by 2035 with Specific Conditions

In a landmark decision, energy ministers from the Group of Seven (G7) major democracies have resolved to cease the use of coal in power generation by the first half of the 2030s. This agreement was reached during a recent meeting in Turin, Italy, and aligns with the objectives set at last year’s COP28 United Nations climate summit, which urged for the phasing out of fossil fuels, particularly coal, the most polluting among them.

However, the G7 communique introduced a significant caveat. The group agreed to an alternative goal of eliminating coal-fired power plants in a timeline that supports the global commitment to limit temperature rise to 1.5°C, corresponding with each country’s net-zero pathways. This clause was particularly crucial for Germany and Japan, which rely heavily on coal for more than a quarter of their electricity production. While Germany has legislation in place targeting the closure of coal plants by 2038, Japan has yet to establish a specific date for its coal phase-out.

This nuanced approach highlights the complexities and varying national circumstances within the G7 as they strive to balance environmental commitments with economic and energy realities. Despite these challenges, the agreement underscores a unified step forward in reducing dependency on the most carbon-intensive fossil fuel.

In addition to their stance on coal, the G7 nations also recognized the importance of cutting energy revenues from Russia as a measure to support Ukraine amid ongoing geopolitical tensions. They committed to transitioning away from Russian gas imports, although they stopped short of establishing a common position on sanctions against Russian liquefied natural gas (LNG).

The G7’s resolution to end coal usage marks a critical progression in international climate policy, reflecting a growing consensus on the urgent need to tackle climate change through significant reductions in fossil fuel emissions. This move is expected to influence global energy markets and policies, prompting broader shifts towards renewable energy sources across the globe.

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