G7 Ministers Pledge Energy Hari-Kari

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G7 Climate, Energy and Environment Ministers’ Communiqué, Berlin, May 27th, 2022

Excerpts in italics with my bolds

Recognising that accelerating the international clean energy transition and phasing out continued global investment in the unabated fossil fuel sector is essential to keep a limit of 1.5 °C temperature rise within reach, we commit to end new direct public support for the international unabated fossil fuel energy sector by the end of 2022, except in limited circumstances clearly defined by each country that are consistent with a 1.5 °C warming limit and the goals of the Paris Agreement. (pg. 33)

We note with concern the scale of private finance currently still supporting non-Paris aligned activities especially in the fossil fuel sector. (pg. 22)

We are thus further strengthened in our resolve to accelerate the clean energy transition towards a net zero emissions future by 2050, while also keeping energy security and affordability at the core of our action, including through the rapid expansion of low-carbon and renewable energies and an increase in energy efficiency.  (pg. 29)

In this regard, we acknowledge the IEA net zero scenario which suggests that G7 economies
invest at least US$1.3 trillion in renewable energy including tripling investments in clean
power and electricity networks between 2021 and 2030. (pg. 31)

We confirm our strong financial commitments for the market ramp-up of low-carbon and renewable hydrogen and its derivatives, thereby signalling an irreversible shift towards a world economy based on low carbon and renewable energy sources. (pg. 31)

In view of the Russian attack on Ukraine, financial support for companies and citizens affected by severely rising prices for fossil fuels is now on the political agenda for several countries. Nevertheless, we aim for our relief measures to be temporary and targeted and we reaffirm our commitment to the elimination of inefficient fossil fuel subsidies by 2025. (pg. 32)

We also highlight that we have ended new direct government support for unabated international thermal coal-fired power generation by the end of 2021, including through Official Development Assistance, export finance, investment, and financial and trade promotion support. (pg. 33)

We commit to increase national efforts to decarbonise building heating and cooling systems by using appropriate policy tools, including regulations and incentives, with the ultimate objective of transitioning away from fossil fuels. (pg. 37)

This will also guide our approach in public finance institutions and on the boards of MDBs and bilateral DFIs. We therefore call on other major economies, the MDBs and bilateral DFIs, multilateral funds, public banks and relevant agencies to also adopt these commitments. We commit to review our progress against our commitments. (pg. 33)

(Note: Multilateral Development Banks (MDBs), Development finance institution (DFIs)

See also Michael Kelly on Energy Utopias and Engineering Realities synopsis Kelly’s Climate Clarity

And Dieter Helm Seeking Climate and Energy Security

via Science Matters

June 1, 2022

G7 Ministers Pledge Energy Hari-Kari | Science Matters (rclutz.com)