G7 Environment and Climate Ministerial meeting to take place
The Group of Seven’s (G7) respective Climate and Environment Ministers will meet virtually today to discuss sustainable COVID-19 recovery strategies.
The ministerial meeting will be complemented by UN-sanctioned COP26 and COP15 conferences after their rescheduling from 2020 due to COVID-19, furthering multilateral climate momentum. The meeting’s policy priorities include a net zero G7 by 2050, transition to a low carbon economy, reversing biodiversity loss and tackling ocean pollution. As major stimulus policies rely heavily on planet-warming fossil fuels, expect discussions to revolve around greener recovery strategies, such as increased investment in green urban infrastructure , low carbon activities and clean energy generation.
With 68% of OECD coal production in G7 countries and major coal capacity in the EU, the ministerial meeting is expected to further spur global action on coal. Progress on transitioning away from coal is well underway, with 59% of collective coal capacity across the G7 already scheduled for retirement by 2030. Expect stronger initiatives to be set, with G7 governments cooperating under an “unspoken consensus” to phase-out coal completely by 2035. These measures spell out a definite end to the G7’s coal industries, while signaling the dominance of renewable wind and solar energy sources in the medium-term.
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