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Research Officer/Sr Research Officer-Climate and Sustainability
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UK s fossil fuel generation reached a record low in 2020, as renewables reached new heights
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Redirecting subsidies for the good of nature
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The G7 countries aren’t just most of the world’s richest democracies. They’re also many of the world’s biggest carbon polluters.
Climate change is sure to be on the table at the annual G7 meeting in southwest England this week in particular, the need to make what UK prime minister Boris Johnson called in May “a substantial pile of cash” available for poorer countries that are bearing the brunt of climate impacts they did little to cause.
The G7 is already taking steps forward on climate
In the past two months, G7 governments have taken some important steps forward on climate finance. On May 21, the group’s environment ministers said they would “phase out new direct government support for carbon intensive international fossil fuel energy,” although they didn’t specify a timeline.
View: India needs to commit on greenhouse gases at G7
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Last Updated: Jun 10, 2021, 11:26 PM IST
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Synopsis
India will be the only country at the G7 summit with a nationally determined contribution (NDC) - its official submission to the UN climate convention - compatible with a 2° C pathway. It aims to position itself as a champion of renewable energy with the International Solar Alliance (ISA).
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The writer is former president, European Bank for Reconstruction and Development.
In advance of the two-day 2021 G7 Summit that starts today in Cornwall, Britain, the G7 countries announced that they would stop all financing for unabated thermal coal power projects by end-2021. Just two months earlier, 99% of HSBC s shareholders voted for the world s top financier of coal power to phase out support for the fuel by 2040. The energy transition is accelerating.