G7 countries have vowed to stop all new financing for overseas coal projects by the end of this year in a breakthrough in the global effort to fight climate change. “International investments in unabated coal must stop now,” the G7 environment ministers, including the Biden administration’s John Kerry and the UK’s Alok Sharma, said in a communique on Friday. The G7 countries also pledged to make “accelerated efforts” to limit global warming to 1.5C degrees relative to pre-industrial times – a major shift from previous statements that focused on limiting warming to 2C, a slightly easier target. FinancingMinisters said they would phase out new financing for international fossil fuel energy projects, “except in some limited circumstances”. The commitment to end overseas coal funding, she added, “leaves China isolated globally with its ongoing international financing for the most polluting fossil fuel”.

Source: The Irish Times May 21, 2021 19:23 UTC