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  • By The Financial District

G7 To Stop Aid For Fossil Fuel Projects In Developing Nations

Ministers from the Group of Seven developed nations agreed Friday to stop public financing for overseas fossil fuel projects by the end of 2022 if they have no sufficient measures to reduce greenhouse gas emissions, Mainichi Japan reported.

Photo Insert: G7's climate ministers

The G7 affirmed their commitment to largely decarbonize their power sectors by 2035, according to a communique issued after a two-day ministerial meeting on climate, energy, and environmental issues in Berlin.

G7 ended new direct government aid for "unabated" international thermal coal power generation in 2021. Unabated means a plant has not invested in abating technology, such as carbon capture and storage, to curb emissions.

Friday's agreement means the scope of their efforts to fight climate change is expanding from coal power generation to the whole fossil fuel sector including oil and natural gas.

Germany, this year's G7 president, has proposed that the ministers stipulate the goal of phasing out coal power generation by 2030. But Japan opposed committing to a specific time frame in the meeting, resulting in the absence of such a goal in the communique.

All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

European G7 members and Canada backed Germany's proposal, while the United States compromised to aim for the goal "in the 2030s," according to delegates to the Berlin meeting.

The ministers from Britain, Canada, France, Germany, Italy, Japan, and the United States plus the European Union (EU) "condemned in the strongest terms Russia's unjustifiable, unprovoked and illegal war of aggression against Ukraine."

Russia's war has led to soaring prices of oil, gas, and food in many countries around the globe, they said.

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