G7 Agrees to phase out fossil fuels by the end of the century
The seven industrial nations that form the so-called G7 agreed Monday to phase out the use of fossil fuels by the end of the century, in an effort they believe would help reduced greenhouse gases.
The leaders of the U.S., Canada, Germany, France, the UK, Japan, and Italy, who are meeting in the German region of Bavaria this week, said they have committed themselves to the need to “decarbonize the global economy in the course of this century.”
In practical terms, that means the leaders have committed to cut emissions generated mainly by the coal, oil and gas industries by 40% to 70% by 2050 from 2010 levels.
The group also reaffirmed a pledge to raise $100 billion a year from public and private sources by 2020 to help poorer nations tackle climate change.
German chancellor and the summit’s host, Angela Merkel, said the group also reaffirmed a pledge to raise $100 billion a year from public and private sources by 2020 to help poorer nations tackle climate change.
Canada, Japan blocked taks
According to Canadian Press, Japan and Canada blocked attempts at a stronger statement on binding greenhouse gas reduction targets.
Despite the challenges, today’s decision represents a victory for Merkel and France’s President François Hollande, who had been pushing for an agreement on decarbonising the global economy ahead of the meeting.
It remains unclear, however, how exactly the seven nations’ leaders will meet the emissions reduction goals they have backed.
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