G-7 Economies Agree to Phase Out Financing for Coal Projects, Fossil-Fuel Subsidies

The Group of Seven have decided to begin phasing out financing for coal projects as well as subsidies for the fossil fuel sector, in an effort to further align with global climate targets.

According to a statement seen by Bloomberg, the world’s seven largest economies have agreed to halt international financing for coal projects by the end of 2021, while cutting back on subsidies slated for the fossil fuel industry by 2025. The statement was endorsed on Friday by G-7 environmental and climate ministers, in an effort to coincide their government policies with meeting global temperature targets of 1.5°C.

As per the agreement, international financing for the energy producing sector will aligned with the global goal of reaching net zero greenhouse gas emissions before 2050. In addition, the G-7 members will also commit to “deep emission reductions in 2020s.”

The latest G-7 pledge is expected to be a diplomatic achievement for the UK, which is hosting the summit and subsequent climate discussions later this year. In the past, the G-7 members have attempted to curtail inefficient fossil fuel subsidies, but were unable to come to a consensus on a variety of crucial details.


Information for this briefing was found via Bloomberg. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

Endeavour Mining Q1 Earnings: Cash Flow Is King

G Mining Oko West Feasibility: Move Fast, Break.. Nothing?

New Gold Q1 Earnings: What’s Behind The Market’s Surprising Reaction?

Recommended

Giant Mining Encounters Native Copper As Hole MHB-34 Hits 563 Metres Depth

Verses Hits Commercialization Stage With Genius AI Platform

Related News

Europe Forgets Climate Change Commitments, Eyes Coal Exports from Zimbabwe

After sanctioning Russia’s energy sector in response to Moscow’s war in Ukraine, Europe was slapped...

Friday, December 2, 2022, 11:40:00 AM

Extending A Coal Branch: China Is Reportedly Considering Lifting Ban On Australian Coal

Chinese authorities are reportedly considering lifting its unofficial two-year ban on Australian coal imports. Rumors...

Sunday, July 17, 2022, 01:13:00 PM

Republican Lawmakers Call Out IEA For Bias Against Fossil Fuels

US Republican lawmakers have launched a blistering attack on the International Energy Agency (IEA),  accusing...

Sunday, March 24, 2024, 09:18:00 AM

Gridfight: Texas’ Battle Between Fossil Fuels & Renewable Energy

In the early hours of the power crisis in Texas, Governor Greg Abbott reverted to...

Saturday, February 20, 2021, 08:30:00 AM

Glencore Cuts Cerrejon Coal Production As Prices Hit Three-Year Low

Glencore Plc (LON: GLEN) announced on Tuesday it will reduce coal production at its Cerrejon...

Thursday, March 27, 2025, 03:47:00 PM