Too little, too late: G7 climate commitments fall short

Turin - The G7 Climate, Energy and Environment Ministers meeting has concluded with a coal phase out deadline that is too little too late and further endorsement of fossil gas.

Tracy Carty, Global Climate Politics Expert, Greenpeace International, said:

"The commitment to phase out coal is simply too little, too late. If they are serious and aligned with what the science says is needed to keep 1.5° within reach, G7 countries must ditch this dinosaur planet-wrecking fuel no later than 2030. And the climate emergency demands they just don't stop at coal. Fossil fuels are destroying people and planet and a commitment to rapidly phase out all fossil fuels - coal, oil and gas - is urgently needed.

"Faced with climate catastrophe, the G7's persistent endorsement of fossil gas is alarming. Gas is not needed, not cheap and is certainly not a 'bridge fuel' to a safe climate. The biggest fossil fuel threat today by wealthy nations is coming from the rapidly expanding LNG industry. An urgent shift is needed towards less, not more, gas and massively expanded renewables.

"G7 Climate and Energy Ministers offered little to inspire confidence in their commitment to agree to an ambitious new climate finance goal at COP29 later this year. Given their wealth and historically high emissions, G7 countries are among those with primary responsibility for providing international financial support to developing countries for climate action. By the G7 Summit in June, leaders need to make clear they will not be heading to the COP empty handed and be ready to significantly increase support. They need look no further than taxing the fossil fuel industry and other high emitting sectors in order to generate revenues to do so."

Irène Wabiwa, Project Manager, Greenpeace International said:

"G7 Ministers reiterated the Convention on Biological Diversity's COP15 commitment of US$20 billion by 2025 per year of finance for biodiversity. Unfortunately, they also promoted carbon credits and offsets as key solutions to both generate money flows and protect forests. Wealthy countries such as the G7 have enough financial resources to deliver the US$20 billion to developing countries by 2025 without reverting to false solutions. Estimates show that the world is already spending US$1.9 trillion per year on subsidies to industries that are destroying nature. US$20 billion is equivalent to only 1.1% of that amount."

ENDS

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