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G7 Environment Ministers issue far-reaching declaration: 1.5 degree limit to be the focus of action - progress also to be made on international climate financing before the World Climate Summit

Bonn/Berlin (21 May 2021). The G7 environment ministers today agreed on a far-reaching declaration on the implementation of climate targets: It focuses on the goal of keeping the 1.5 degree limit within reach. "The race towards greenhouse gas neutrality is accelerating," says Christoph Bals, Political Director of the environment and development organization Germanwatch. "It is very encouraging that the announcement of targets is backed up with concrete decisions to stop international coal finance and the announcement of additional climate finance. It is important that the heads of government at the G7 summit also get behind these announcements."

The statement says that there will be no more international coal financing as early as the end of this year. This is a huge turnaround, especially for Japan, the second-largest international financier of coal after China. The next step is to cancel international financing for all fossil fuels. All G7 countries have also pledged to phase out coal, oil and gas in the power sector in the 2030s. The multilateral development banks are called upon to implement the 1.5 degree pathway in their policies. At the same time, the G7 countries hold out the prospect of putting additional international climate finance for climate protection and adaptation on the table well before the climate summit in Glasgow.

Source: Germanwatch-PM of 21 May 2021

Keywords:
Renewable, International, Climate protection, Environmental policy