G7 nations vow to stop fossil-fuel financing abroad by end 2022
Gulf Times
"We commit to end new direct public support for the international unabated fossil fuel energy sector by the end of 2022," G7 energy and climate ministers said in a joint statement following talks in Berlin.
Japan Friday for the first time joined fellow members of the Group of Seven industrialised nations in pledging to end public financing for fossil fuel projects abroad by the end of the year to help combat global warming.
"We commit to end new direct public support for the international unabated fossil fuel energy sector by the end of 2022," G7 energy and climate ministers said in a joint statement following talks in Berlin.
The term ‘unabated’ refers to projects that do not employ techniques to offset some of the pollution caused by carbon dioxide emissions.
Ending subsidies for the international fossil fuel energy sector was already part of a series of commitments agreed to by around 20 countries at last year's COP26 climate summit in Glasgow.
