Wealthy nations are undercutting their climate pledges ahead of G7 summit in Germany. Presented by Deloitte.
These actions are at odds withat a May meeting, including ending financing for foreign fossil-fuel projects by year's end and domestic subsidies by 2025; largely cleaning up electricity grids by 2035; and phasing out"unabated" coal power — production that isn't paired with carbon capture and storage technology.to phase out coal by 2030 — a target other Group of 7 nations like Japan and the US have been resistant to agree to.
Geopolitical upheaval and rising inflation have underscored the urgency of investing in clean energy, said María Mendiluce, the CEO of theThe coalition supports policies such as eliminating coal, pushing electric-vehicle adoption, and putting a price on carbon. Such measures couldby 2025 across G7 countries, according to research by We Mean Business and Cambridge Econometrics. By 2035, the average person in these countries could save 45%, or $825, per year on energy bills.
"For a politician, I think the case for the transition to clean energy is super clear," Mendiluce said."It reduces energy bills, creates millions of jobs, and brings more energy security because renewable sources take away some geopolitical pressure."Subscribe to push notifications
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