The Group of Seven, which unites some of the world’s leading economies, has signed a deal to move away from coal plants and stop funding new coal mining to tackle climate change, the EU’s top official has said.
“We need to decarbonize the energy sector,” European Commission chief Ursula von der Leyen wrote on Twitter, adding that the G7 partners “agree to phase out coal.”
“The G7 agreement to end global coal finance is a great achievement and sends a strong message to the world,” she wrote.
The BBC reported that the attendees of the G7 meeting in Cornwall, UK will end the funding of new coal generation in developing countries and allocated up to £2 billion ($2.8 billion) to stop using the fuel.
En route to @COP26!@G7 partners are signing off on a landmark joint commitment to net-zero emissions by 2050 (latest) & keeping a 1.5°C temperature rise within reach.We will do everything we can to stick to 1.5 pic.twitter.com/jExPg2WLhQ
Von der Leyen said that the EU aims to get 38% of its energy from renewables by 2030, as the G7 plans to reach net-zero emissions by 2050 at the latest.
In a joint statement, the G7 pledged to spend $100 billion a year through to 2025 to help poorer countries mitigate the effects of climate change.
The G7 includes the US, Canada, the UK, France, Germany, Italy and Japan. The European Commission chief attends the group’s events.
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