A leading research institute has criticized the G7 energy and environment ministers for falling short of expectations in terms of phasing out natural gas.
In a statement, the Institute for Energy Economics and Financial Analysis acknowledged some of the commitments made by the ministers in their recent communique regarding renewable energy investments. However, it emphasized that the G7 needs to take the challenging path towards achieving net-zero emissions and commit to phasing out all fossil fuels, not just coal.
Expressing disappointment, the institute stated, “While the world was hoping for the G7 to show boldness by committing to phase out not only coal but also gas, they have failed to meet this expectation.”
The previous communique acknowledged the possibility of investing in the gas sector to address energy shortfalls resulting from the Russia-Ukraine conflict, as long as it aligns with climate objectives.
Additionally, the communique outlined plans to significantly increase offshore wind capacity by 150GW and photovoltaic solar energy capacity by over 1TW.
While the G7 summit, involving leaders from Canada, France, Germany, Italy, Japan, the UK, and the US, is scheduled to take place in Hiroshima this weekend, preliminary meetings among ministers have been ongoing.
Last Saturday, the G7 finance ministers and central bank governors also released a communique reaffirming their commitment to climate change ambitions. These include achieving emission reduction targets by 2030, attaining net-zero greenhouse gas emissions by 2050 or earlier, and mobilizing $100 billion annually for developing countries until 2025.
G7 Energy and Environment Ministers Criticized for Inadequate Fossil Fuel Phase-Out
A leading research institute has criticized the G7 energy and environment ministers for falling short of expectations in terms of phasing out natural gas.
In a statement, the Institute for Energy Economics and Financial Analysis acknowledged some of the commitments made by the ministers in their recent communique regarding renewable energy investments. However, it emphasized that the G7 needs to take the challenging path towards achieving net-zero emissions and commit to phasing out all fossil fuels, not just coal.
Expressing disappointment, the institute stated, “While the world was hoping for the G7 to show boldness by committing to phase out not only coal but also gas, they have failed to meet this expectation.”
The previous communique acknowledged the possibility of investing in the gas sector to address energy shortfalls resulting from the Russia-Ukraine conflict, as long as it aligns with climate objectives.
Additionally, the communique outlined plans to significantly increase offshore wind capacity by 150GW and photovoltaic solar energy capacity by over 1TW.
While the G7 summit, involving leaders from Canada, France, Germany, Italy, Japan, the UK, and the US, is scheduled to take place in Hiroshima this weekend, preliminary meetings among ministers have been ongoing.
Last Saturday, the G7 finance ministers and central bank governors also released a communique reaffirming their commitment to climate change ambitions. These include achieving emission reduction targets by 2030, attaining net-zero greenhouse gas emissions by 2050 or earlier, and mobilizing $100 billion annually for developing countries until 2025.
