G7 nations to end state financing for coal-fired power plants by end 2021

• 2 years ago (2021-05-24)
• David Flin

Coal 273

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The G7 nations have agreed to end state financing of coal-fired power plants by the end of 2021, and to “mostly decarbonise” their electricity supplies in the 2030s.

The German environment ministry said: “The G7 agree that further investments worldwide in coal-fired power generation must stop now, as this is not compatible with the goal of keeping to the 1.5°C warming limit.” Svenja Schulze, German Environment Minister, said that the move was “an important step forward because only then can we, as industrialised nations, credibly require others to follow us on this path.”

The German ministry added that fossil fuels should also be mostly phased out from G7 countries’ electricity supplies by the 2030s.

The German government recently raised the targets on its emissions reduction targets following a landmark ruling by the country’s top court declared a flagship climate protection law as “insufficient.” Under the new targets, the government expects to cut emissions by 65 per cent by 2030 compared to 1990 levels, going further than the current 55 per cent reduction target.