Wealthy nations are undercutting their climate pledges ahead of G7 summit in Germany. Presented by Deloitte.
These actions are at odds withat a May meeting, including ending financing for foreign fossil-fuel projects by year's end and domestic subsidies by 2025; largely cleaning up electricity grids by 2035; and phasing out"unabated" coal power — production that isn't paired with carbon capture and storage technology.to phase out coal by 2030 — a target other Group of 7 nations like Japan and the US have been resistant to agree to.
Geopolitical upheaval and rising inflation have underscored the urgency of investing in clean energy, said María Mendiluce, the CEO of theThe coalition supports policies such as eliminating coal, pushing electric-vehicle adoption, and putting a price on carbon. Such measures couldby 2025 across G7 countries, according to research by We Mean Business and Cambridge Econometrics. By 2035, the average person in these countries could save 45%, or $825, per year on energy bills.
"For a politician, I think the case for the transition to clean energy is super clear," Mendiluce said."It reduces energy bills, creates millions of jobs, and brings more energy security because renewable sources take away some geopolitical pressure."Subscribe to push notifications
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Exclusive: G7 likely to discuss Russian turbine, but may not find solution - Canada ministerThe G7 is likely to discuss the fate of a Russian turbine blocked in Canada and blamed for reducing gas supplies to Germany, though the bloc may not reach a solution by the end of the meeting, Canada's Natural Resources Minister said on Wednesday.
Read more »
UK inflation hits new 40-year high of 9.1% as food and energy price surge persistsU.K. inflation hit 9.1% year-on-year in May as soaring food and energy prices continue to deepen the country's cost of living crisis.
Read more »
Chris Christie on 'Kilmeade Show': The person to blame for inflation is Joe Biden, not PutinFormer Governor Chris Christie, R-N.J., slammed the Biden administration's handling of the nation's economic crisis as inflation soars and Americans suffer.
Read more »
Germany Phasing Out Nuclear in Energy Crisis is 'Complete Nonsense'Germany’s leftist Chancellor’s plan to phase out nuclear during an ongoing energy crisis has been slammed as “complete nonsense”.
Read more »
We Could See Less Mustard on Shelves This Summer Due to Seed ShortageMajor mustard producers are citing the war in Ukraine and the climate crisis as reasons for concerning shortages.
Read more »