G7 still has an opportunity to make good on its energy pledge
Given the urgent time frame to achieve the Sustainable Development Goals by 2030, more must be done.
The Group of Seven (G7), the informal grouping of the world’s largest developed economies, will be pivotal in leading the international community in prioritising ending energy poverty and accelerating a clean energy transition in line with Sustainable Development Goal 7, which calls for clean and affordable energy for all.
Indeed, the G7 Leaders’ Summit is set to take place in Fasano, Italy, and this week is a watershed moment for achieving this collective target.
All eyes will be on the leaders of the G7 and how, through their efforts, a just and inclusive energy transition can be achieved.
If we go by what we saw at last year’s summit that took place in Hiroshima, where the G7 leaders committed to driving the transition to clean energy economies through cooperation within and beyond the G7, many people around the world are keen to see how this promise will be taken forward to accelerate emission reduction, including supporting the transitions of emerging and developing economies.
Targets to fall short?
Moreover, the G7’s commitment to expanding renewable energy globally and the subsequent signing on to the pledge to triple renewable capacity at COP28 last year will come under sharp focus as recent studies show that their collective targets would fall short and only double renewables.
Two months ago, there was another important meeting of the block. The G7 Ministers of Climate, Energy and the Environment met in Turin and committed to phasing out existing unabated coal power generation in their energy systems during the first half of the 2030s or in a timeline consistent with keeping a limit of 1.5°C temperature rise within reach and in line with countries’ net-zero pathways.
Given the rise of renewables as a viable power source, this goal is not ambitious enough and sends the wrong message to nations outside the G7, particularly emerging and developing economies.
Given the rise of renewables as a viable power source, this goal is not ambitious enough and sends the wrong message to nations outside the G7, particularly emerging and developing economies.
The G7 has promised to work for an international financial system that delivers more effectively and mobilises all sources of financing, including official development assistance, domestic resources, and private investment, making finance flows consistent with the goals of the Paris Agreement.