Page 4 - AsiaElec Week 24 2021

AsiaElec COMMENTARY AsiaElec

G7 leaders’ green pledges are not

enough to reach net zero

Ending public coal power investment in 2021 must be just the first step in reducing the role
of fossil fuels, writes Richard Lockhart

GLOBAL THE G7 leaders’ pledge to end public financing The leaders also agreed to promote a G7
of unabated coal funding by the end of 2021 may Industrial Decarbonisation Agenda, which aims
WHAT: be a step towards meeting their net-zero targets, to accelerate innovation, to deploy decarbonisa-
G7 leaders pledge to end but the promises failed to set any targets for tion technology and to harmonise standards in
coal power funding, but it reducing gas-fired generation or cutting contin- hard-to-abate sectors like iron and steel, cement,
is not enough ued support oil and gas. chemicals and petrochemicals.
The various targets set by the G7 leaders, such For the first time, all G7 leaders have agreed
WHY: as global net-zero by 2050, US President Joe Bid- to align their long-term and short-term climate
There is now wider en’s promise to decarbonise the US economy by goals with a limit on global warming to 1.5
pledge to reduce the role 2035, are in danger without more commitments degrees Celsius.
of fossil fuels, especially to raising green funding or to reduce the persis- Finally, they committed to halving collective
gas in power generation tent strength of the fossil fuels sector. emissions over the two decades to 2030, increas-
ing and improving climate finance to 2025.
WHAT NEXT: G7
Rising energy “We commit now to an end to new direct gov- IEA
consumption means that ernment support for unabated international The G7 leaders made reference to the Interna-
green funding must rise thermal coal power generation by the end of tional Energy Agency’s (IEA) recent roadmap
much more rapidly to 2021, including through Official Development towards net zero and agreed to follow its basic
meet the 2050 net-zero Assistance, export finance, investment, and aims.
target financial and trade promotion support,” the These include ending public financing of
countries said in a joint communique. unabated coal project in 2021, and to align their
In terms of new financing, the leaders said climate policies with limiting global warming to
in their communique that they would provide 1.5 degrees.
up to $2bn to support the work of the Climate IEA Executive Director Fatih Birol
Investments Funds. responded by welcoming the recognition of the
“These concessional resources are expected IEA’s targets.
to mobilise up to $10bn in co-financing, includ- “I’m very proud to see recognition of the
ing from the private sector, to support renewable IEA’s comprehensive Roadmap for the global
energy deployment in developing and emerging energy sector to reach this critical and formida-
economies,” they said. ble goal,” said Dr Birol.

P4 www. NEWSBASE .com Week 24 16•June•2021