G7 Leaders Vow to Accelerate Fossil Fuel Transition

The G7 nations have committed to accelerating their transition away from fossil fuels within this decade to achieve net-zero emissions by 2050. The draft statement includes pledges to phase out coal power by the early 2030s and reduce methane emissions by 75% by 2030, while also allowing temporary public investments in natural gas.

Leaders of the Group of Seven (G7) developed democracies will commit to accelerating their transition away from fossil fuels during this decade, according to a draft of a statement to be issued at the end of their ongoing summit in Italy.

"We will transition away from fossil fuels in energy systems in a just, orderly, and equitable manner, accelerating actions in this critical decade, to achieve net-zero by 2050 in keeping with the best available science," said the draft seen by Reuters. Other commitments on climate policy in the draft include a pledge "to phase out existing unabated coal power generation in our energy systems during the first half of 2030s."

With the COP29 United Nations climate conference due to start in November, the leaders of the United States, Canada, Japan, Germany, France, Britain and Italy said they would submit "more ambitious" national climate plans, according to the draft. The document commits to a collective effort to reduce methane emissions by 75% by 2030 but, in a section likely to upset environment activists, the leaders give a green light to public investments in natural gas, a polluting fossil fuel.

"In the exceptional circumstance of accelerating the phase-out of our dependency on Russian energy, publicly supported investments in the gas sector can be appropriate as a temporary response, subject to clearly defined national circumstances," the draft said.