Key Points:
1. Phasing Out Fossil Fuels: The G7 leaders expressed a strong commitment to accelerating the phase-out of unabated fossil fuels. They aimed to achieve net-zero energy systems by 2050 at the latest, in line with the trajectories required to limit global average temperatures to 1.5°C above preindustrial levels. This represents a significant increase in ambition and emphasizes the importance of carbon capture technology in reducing greenhouse gas emissions from power generation.
2. Boosting Renewable Energy: The G7 leaders recognized the need to significantly accelerate the deployment of renewable energies. They committed to expanding renewable energy globally, with a collective increase in offshore wind capacity of 150GW by 2030 and an increase of solar PV capacity to more than 1TW by 2030. This commitment aligns with the analysis by the International Renewable Energy Agency (IRENA) and underlines the urgency of scaling up renewable energy production to meet climate targets.
3. Ending Plastic Pollution: The G7 leaders pledged to end plastic pollution and reduce additional plastic pollution to zero by 2040. They emphasized the promotion of sustainable consumption and production of plastics, increasing circularity in the economy, and environmentally sound management of waste. The commitment includes addressing single-use plastics, non-recyclable plastics, and plastics with harmful additives. This highlights the G7's recognition of the environmental and climate impacts of plastic pollution and the need for comprehensive measures to tackle this issue.
The Group of Seven (G7) heads of state recently gathered for a summit in Hiroshima, Japan from 19-21 May 2023, with the potential to shape global efforts in tackling pressing environmental issues. The outcomes of the meeting focused on key areas that could have far-reaching implications for decarbonizing global economies, protecting nature and biodiversity, and promoting circularity.
The three major takeaways from the G7 summit were centred around phasing out of fossil fuels, boosting renewable energy production, and ending plastic pollution. These commitments reflect the urgent need to address the climate crisis and align with the goals outlined in the Paris Agreement.
The G7 summit holds significant importance as it sets the tone for other important diplomatic engagements throughout the year, such as the Group of 20 (G20) meeting and COP28. As the leaders of the United States, United Kingdom, Canada, Germany, France, Italy, Japan, and the European Union, the G7 summit acts as a crucial platform for defining priorities and action points to tackle the climate crisis.
The summit resulted in noteworthy agreements regarding the phase-out of fossil fuels. The G7 leaders expressed their commitment to accelerate the phase-out of unabated fossil fuels to achieve net-zero energy systems by 2050, aligning with the trajectories required to limit global average temperatures to 1.5°C above preindustrial levels. The use of carbon capture technology was emphasized as a necessary measure to significantly reduce greenhouse gas emissions from power generation.
While the G7's commitment to phasing out fossil fuels represents a significant increase in ambition, some critics argue that it did not go far enough. The reference to liquefied natural gas (LNG) and the current energy crisis was seen as contradictory to the goal of reducing dependency on Russian gas supplies. Additionally, the G7 did not commit to a fully decarbonized power sector by 2035, as some had hoped.
Another key focus of the G7 summit was the commitment to accelerating renewable energy production. The leaders pledged to significantly increase the deployment of renewable energies, including offshore wind and solar photovoltaic (PV) technologies. They aimed to collectively increase offshore wind capacity by 150GW and solar PV capacity to more than 1TW by 2030. This commitment aligns with analysis conducted by the International Renewable Energy Agency (IRENA) and highlights the need to scale up renewable energy to meet the 1.5°C target.
Furthermore, the G7 leaders recognized the importance of addressing plastic pollution. They pledged to end plastic pollution, aiming to reduce additional plastic pollution to zero by 2040. The commitment includes promoting sustainable consumption and production of plastics, increasing circularity in the economy, and environmentally sound management of waste. Measures such as addressing single-use plastics, non-recyclable plastics, and plastics with harmful additives were emphasized.
The G7's focus on phasing out fossil fuels, boosting renewable energy, and addressing plastic pollution demonstrates a significant step forward in global efforts to combat the climate crisis. While some concerns and criticisms remain, these commitments set the stage for further action and collaboration among governments, businesses, and stakeholders to achieve a sustainable and resilient future.
The Global Plastic Action Partnership (GPAP), initiated by the World Economic Forum, plays a vital role in translating commitments into concrete action. By bringing together governments, businesses, and civil society, GPAP aims to drive the transition to a circular plastics economy at a global, regional, and national level, effectively addressing plastic pollution.
input from / weforum / AI
