The G7 leaders today expressed their commitment to accelerate a transition towards climate neutrality that is “clean and fair” and that guarantees energy security at the same time.
After meeting in Elmau (southern Germany), which hosts the summit of the club of industrialized nations from this Sunday, they stressed in a statement that the increase in investment in sustainable infrastructure offers “immense opportunities” for economic and social development and the creation Of jobs.
The leaders agreed to put a particular focus on energy policy reforms that accelerate the decarbonization of economies while ensuring universal access to affordable and sustainable energy.
Along with the heads of state and government of the club of industrialized nations, which includes the United States, Canada, the United Kingdom, Japan, Italy, France and Germany – which is hosting the summit – those from Argentina, India, Indonesia, South Africa and Senegal.
The leaders agreed to explore options to reduce dependence on fossil fuels and to increase production from renewable sources, and improve energy efficiency.
In this sense, the process of abandoning coal must take place in a “socially and environmentally fair” way, they pointed out, after having recognized, according to the statement, the merits of approaches such as the circular economy.
They also pledged to cooperate in dealing with “potential negative effects” and facilitating the creation of new jobs in sectors related to clean energy and relevant to the environment, such as research and innovation.
The leaders indicated that they will take advantage of “synergies” between global investment and infrastructure agreements and national platforms to make investments, including the “large-scale” mobilization of private capital.
The G7 Heads of State and Government also indicated their willingness to create cooperation agreements or similar initiatives with partner countries, following the model of the Cooperation Agreements for the Just Energy Transition (JETP).
In this sense, they underlined their intention to advance in the negotiations with Indonesia, India, Senegal and Vietnam to reach agreements to support energy policy reforms and decarbonize their energy systems.
In addition, they indicated that they will cooperate with Argentina to reach zero emissions in 2050.
Melissa Galbraith is the World News reporter for Globe Live Media. She covers all the major events happening around the World. From Europe to Americas, from Asia to Antarctica, Melissa covers it all. Never miss another Major World Event by bookmarking her author page right here.