The end to new overseas coal funding in 2021

In a pledge made recently, G7 countries have agreed to prevent all new direct funding for coal power projects in all developing countries by the end of 2021.

They are also committed to the acceleration to switch from unbated coal capacity to an ‘overwhelmingly decarbonised’ power system by the 2030’s.

These historic commitments, will ensure that the climate, biodiversity and the environment are at the centre of the worldwide COVID19 recovery. These plans were agreed upon by environment ministers from all seven of the countries, and the US also took part in the online meeting which shall continue until the leaders’ summit which will take place in Cornwall in June.

The seven countries also have intentions to increase the support towards the clean energy movement. They plan to support clean air alternatives such as solar and wind power to boost finance for climate action, to ensure they meet the current target of $100 million per year to support developing nations.

measures have also been put into place to tackle deforestation, due to the G7 committing their selves to the increase of support for sustainable supply chains which aim to decouple agricultural production from deforestation, which includes products stemming from illegal land conversion.

All members also signed the global 30×30 initiative to ensure the protection of at least 30% of the worlds land and ocean by 2030.

We are the first net zero G7. Under the UK’s Presidency, the G7 is showing great leadership in tackling climate change and making sure those who are worst affected by it are better protected. As we recover from the pandemic we are focused on building back greener – creating jobs and prosperity, without harming the planet.” stated COP2 President- Designate Alok Sharma.

“We know we need to consign coal to history and the G7 has taken a major step towards a decarbonised power system. We are acting abroad as we’re doing at home by agreeing to phase out international fossil fuel finance, starting with coal – another key milestone in this crucial year for climate action.

“I look forward to continuing this work as we make progress ahead of COP26 in Glasgow later this year and keep 1.5 degrees within reach.”

The end to new overseas coal funding in 2021

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