Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

FACT SHEET: G7 to Announce Joint Actions to End Public Support for Overseas Unabated Coal Generation by End of 2021

06/12/2021 | 11:37am EDT

The United States is rallying the world's democracies to deliver for our people, meet the world's biggest challenges, and demonstrate our shared values

Today, President Biden and fellow G7 Leaders agreed to a set of concrete actions to accelerate the global transition away from coal generation as part of our efforts to combat the climate crisis.

Accelerating Decarbonization and Transition from Unabated Coal: Confronting the climate crisis presents a historic opportunity to drive our economic recovery, create millions of good-paying union jobs, and build back better as we invest in a more resilient, prosperous, equitable, and secure future. Recognizing that unabated coal power generation is the single biggest source of greenhouse gas emissions globally, and consistent with President Biden's domestic leadership, G7 Leaders will commit to an end to new direct government support for unabated international thermal coal power generation by the end of this year. To support key developing countries in their transitions away from unabated coal, Canada, Germany, the UK, and the United States will also include a new collective commitment to provide up to $2 billion to support the work of the Climate Investments Funds focused on accelerating the transition from coal for key developing countries while investing in technology, job training, and infrastructure to enable the transition to a more reliable and prosperous clean energy economy.

Hard-to-abate heavy industrial sectors like cement and steel will play a key role in this transition. Therefore, Leaders are launching the G7 Industrial Decarbonization Agenda, a first-of-its-kind platform to accelerate innovation, deploy decarbonization technology, and harmonize standards. The Leaders also will emphasize sectoral decarbonization in power, transport, agriculture, and buildings.

Aligning to Confront the Climate Crisis: Additionally, for the first time in history, all G7 Leaders will align their long-term and short-term climate goals in a manner consistent with keeping the 1.5 degrees Celsius global warming threshold within reach. Leaders will also resolve to strengthen adaptation and resilience to protect people from the impacts of climate change and to halt and reverse biodiversity loss, as well as to mobilize finance and leverage innovation to reach these goals.

To fully address the climate crisis, we also must recognize and focus on the role of conservation. This is why the United States supports the G7 goal of conserving or protecting at least 30 percent of global land and marine areas by 2030 - a commitment grounded in scientific evidence that has shown increasing conservation is critical for maintaining the health and productivity of our ecosystems for generations to come.

Domestically, President Biden is advancing policies that will achieve carbon-pollution free energy in electricity generation by 2035. These policies will support scale up of technology that captures carbon and then permanently sequesters or utilizes that captured carbon, which includes lowering the cost of carbon capture retrofits for existing power plants - all while ensuring that overburdened communities are protected from increases in cumulative pollution.



President of the United States published this content on 12 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 June 2021 15:36:02 UTC.

ę Publicnow 2021
Latest news "Economy & Forex"
06:06aUPS revenue rises 14.5% as online shipments stay steady
06:05aS.African unions agree to public sector wage deal, says minister
06:04aHow China Evergrande's debt woes pose a systemic risk
06:02aMcDonald's big sales growth expected as labor crunch looms
06:01aUK retail sales dip slightly in July after post-lockdown jump-CBI
05:50aGold subdued as markets await cues from Fed meet
05:50aCREDIT SUISSE : hires Goldman Sachs partner to lead risk turnaround
05:49aBritain eases SPAC rules to attract listings
05:48aReckitt sales disappoint, warns costs to squeeze margins
05:47aBOJ's Kuroda calls for 'learning by doing' approach on climate change
Latest news "Economy & Forex"