G7 nations to decarbonize power sector by 2035?

In an effort to mitigate the impacts of climate change and reduce carbon emissions across the world, the G7 nations agree to work together with emerging economies.

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Leaders of the Group of Seven (G7) countries have agreed to reduce carbon emissions and achieve a “predominantly decarbonized power sector” by 2035. At a conference in Sapporo, Japan, the Climate and Energy Ministers from the G7 countries perpetrated carbon-free electricity production by 2035 and expedited the shift towards cleaner and renewable energy. At the conference, it was agreed to encourage more investments in solar and wind energy for generating 1,000 gigawatts (GW) of solar power by 2030 and 150 GW of wind power from off-shore platforms.

The ministers agreed to give priority to the ‘phasing’ out of coal power generation plants where the mechanisms to capture emissions are absent. The final agreement by G7 leaders stated, “We reaffirm that fossil fuel subsidies are inconsistent with the goals of the Paris Agreement. Phasing out inefficient fossil fuel subsidies is a key component of delivering on the Paris Agreement. We reaffirm our commitment to the elimination of inefficient fossil fuel subsidies by 2025.” 

The G7 countries account for 40% of the world’s economic activity and a quarter of global carbon emissions. It is worth noting that the United States alone accounts for about a quarter of global carbon emissions while developing countries and emerging markets account for over two-thirds of global carbon emissions.