The G7 countries have pledged to eliminate all new foreign exchange earnings by the end of this year, in a global effort to combat climate change.
“Global coal-fired businesses need to stop now,” G7’s environment minister, including John Kerry, a UK-based agency, and Alok Sharma, said on Friday. He pledged to take “concrete” action to end a new state-of-the-art supply chain, which would not try to emit greenhouse gases.
The statement laid the groundwork for more climate change as G7 leaders, including British Prime Minister Boris Johnson and US President Joe Biden, meet in Cornwall next month.
“This commitment shows the world that coal is coming out,” said Sharma, president of the COP26 climate summit. “We have all agreed to accelerate the transformation of black glass.”
The G7 countries also pledged to “urgent efforts” to reduce global warming to 1.5C compared to pre-industrial times – a significant change from previous statements aimed at reducing global warming by 2C, a simple target.
“This is the first time that we have met about 1.5C people,” said Kerry, the United States Meteorological Agency, who urged international economists to follow suit.
The Paris Agreement 2015 binds all signatories to reduce temperatures of “below” 2C, and also says that 1.5C – considered a target – would be better.
“This is a fluid moment… There is a big difference between 1.5C and 2C,” said Alden Meyer, a collaborator with the E3G mind tank.
However, ministers have failed to implement any climate change agreement in developing countries, which is set to be one of the challenges at the UN COP26 summit in November. He also said that the goal of setting $ 100bn a year by 2025, which has not been achieved, has not yet been announced, and does not mention plans to help developing countries by 2025.
There were concerns that the G7 could fail to commit to eliminating global coal prices if Japan did not live up to its promises, as they were seen as less concerned about relying on coal.
On Friday, Kerry noted “the work we have done with Japan, as well as the important steps in Japan and the efforts required to achieve unity along the way”.
The move increases pressure on China as a coal buyer. The announcement came just days after a well-known report by the International Energy Agency that it would end all coal, oil and gas exploration.
Kerry said the group believes “strongly” in the importance and significance of the IEA report.
Officials have said they will cut new funding for international wildlife operations, “except for a few reasons.” But he noted that natural gas may be needed to help change oil refineries “in the short term”.
Rebecca Newsom, a political scientist at Greenpeace UK, said the fate of the dead “should go a long way, eliminating all new coal, oil and natural gas projects at home and their global finances”.
The commitment to curb foreign exchange reserves, he added, “will remove China from the world by the world’s continuing crude oil prices”.
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