G7 Commits to Lower Gas Use and Boost Renewable Energy

The G7 countries have agreed to reduce gas consumption, increase electricity from renewable sources, phase out fossil fuels faster, and build no new coal-fired plants. However, they could not agree on a specific date to exit coal power. The G7 endorsed a goal to drastically increase electricity generated by renewable energies and considered numerical targets for increasing solar power and offshore wind power capacity by 2030. The event also put focus on the need to help emerging countries reduce emissions, including through financing. Developed countries need to provide finance and mobilize private finance to help the decarbonization of developing countries.