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G7 pledge to end funding for coal projects by 2021


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G7 countries have pledged to end international funding for coal projects by 2021 and phase out “inefficient” fossil fuel subsidies by 2025.
The agreements were made so as to reach climate change targets including limiting the rise of global temperatures to 1.5°C above pre-industrial levels and reaching net zero emissions by 2050 at the latest.
A statement issued by the environment and climate ministers of the G7 recognised “that coal power generation is the single biggest cause of global temperature increases”.
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“We commit now to rapidly scale-up technologies and policies that further accelerate the transition away from unabated coal capacity and to an overwhelmingly decarbonised power system in the 2030s, consistent with our 2030 National Determined Contributions and net zero commitments,” they said, following a virtual meeting. ....

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