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Mahesh

19/04/23 06:48 AM IST

G7 Members vow to ensure carbon-free power by 2035

In News
  • G7 Ministers' Meeting on Climate, Energy and Environment was held in Sapporo, Japan.
  • The participating leaders committed to work towards ensuring carbon-free electricity production by 2035 and “accelerating” the phase-out of coal.
Key Highlights
  • Participating leaders committed to work towards ensuring carbon-free electricity production by 2035 and accelerating the phase-out of coal.
  • A proposal to have a 2030 deadline for phasing out coal was shot down.
  • The participants also agreed to accelerate solar and wind energy investments to produce 1,000 gigawatt (GW) by 2030 from solar power and 150 GW of wind power from off-shore platforms.
  • The leaders reaffirmed that fossil fuel subsidies are inconsistent with the goals of the Paris Agreement.
  • They expressed their commitment to the elimination of inefficient fossil fuel subsidies by 2025.
  • Recognising the current global energy crisis and economic disruptions, participants reaffirmed their commitment of accelerating the clean energy transition to net-zero GHG emissions by 2050 at the latest.
About G7
  • The origin of G7 lies in the oil shocks of 1973 and the corresponding financial crisis.
  • In order to address the situation after oil shock, the heads of the world's six leading industrial nations decided to hold a meeting in 1975.
  • These six nations were - US, UK, France, Germany (West), Japan and Italy.
  • These countries were joined by Canada in 1976 and G7 came into existence
Economic Significance
  • As of 2018, the G7 nations account for:
  • close to 60 percent of global net wealth ($317 trillion),
  • 46 percent of global gross domestic product, and
  • 10 percent of the world's population.
Source- The Hindu

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