As the 2024 G7 Leaders Summit kicks off in Italy today, it is imperative that G7 countries continue to deliver on their commitment to align their economic and financial agendas with limiting global temperature rise to 1.5C.
Focusing on the climate/energy relationship reflects the key agendas and interests of our Under2 Coalition states and regions. The synergy of energy, food and water systems is critical, and the G7 Summit must deliver on this agenda to address all three.
‘The G7 played a key role in tackling the fallout from the financial crisis. Now as world leaders gather here in Puglia, Italy it’s time for the G7 to do more heavy lifting on climate, and drive the world toward a net zero economy. Rising sea temperatures, heatwaves, wildfires, temperature records broken every month…. These are all clear signals we’re way off-track, and only if some of the biggest economies step up, can we avert climate catastrophe. While the April announcement to phase out coal use in energy systems was encouraging, it is not enough. The G7 needs to be more ambitious, taking the lead on ending fossil fuel subsidies, investing in renewables and removing policy barriers and red tape that block corporate uptake of renewables. G7 nations have the power, it’s time for them to lead.’
‘The G7 played a key role in tackling the fallout from the financial crisis. Now as world leaders gather here in Puglia, Italy it’s time for the G7 to do more heavy lifting on climate, and drive the world toward a net zero economy. Rising sea temperatures, heatwaves, wildfires, temperature records broken every month…. These are all clear signals we’re way off-track, and only if some of the biggest economies step up, can we avert climate catastrophe. While the April announcement to phase out coal use in energy systems was encouraging, it is not enough. The G7 needs to be more ambitious, taking the lead on ending fossil fuel subsidies, investing in renewables and removing policy barriers and red tape that block corporate uptake of renewables. G7 nations have the power, it’s time for them to lead.’
This focus follows from ministers’ commitments set at COP28 in December, to strengthen energy security and take actions to achieve the ambitious energy goals.
Despite some significant steps forward on policy and regulatory adjustments to facilitate a managed transition to decarbonised, current action is insufficient. We need more from this Leader’s Summit to identify innovative solutions, that build and strengthen relations with developing nations and emerging economies, to deliver global action.