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Today G7 climate, environment and energy ministers released a joint communique that falls short of carrying forward the ambition of the COP28 agreement to transition away from fossil fuels. G7 countries represent 27% of global oil and gas production, and are responsible for nearly 48% of CO2 from new oil and gas production. Oil Change International data shows between 2020 and 2022, the G7 provided USD $25.7 billion a year in international public finance for fossil fuels, compared to USD $10.
They are not just delaying taking climate action – they are actively blocking a fair, fast, full, and funded phase out of fossil fuels. These leaders cannot say they’re committed to a livable climate, while slow walking coal phase out, endorsing expansion of fossil gas, failing to pledge new climate finance.“While the G7 focuses on coal, it conveniently omits to stress that limiting warming to 1.
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