G7 to stop financing coal projects

In a big step toward phasing out the dirtiest fossil fuel, seven of the world’s powerhouse economies have agreed to stop international financing of coal projects by the end of this year.

The G7 (made up of the US, Britain, Canada, France, Germany, Italy and Japan) also committed to decarbonising their energy sectors in the 2030s and reaffirmed their commitment to the 2015 Paris Agreement goal of limiting the rise in global temperature to 1.5°C. 

This is big news as putting an end to fossil fuel funding is regarded as a key step in limiting global temperature rises and the effects of climate change. 

It also comes on the back of a report released by the International Energy Agency last week that said even if all countries meet their current climate targets, we would “fall well short of what is required to bring global energy-related carbon dioxide (CO2) emissions to net zero by 2050 and give the world an even chance of limiting the global temperature rise to 1.5°C.”

Read the full article here