Saturday, September 25, 2021

350.org Lauds G7 Announcement To End Coal Financing

Coal mining

An international environmental organization which focuses on addressing climate crisis, 350.org has lauded the announcement by G7, with the exception of Japan, to end their financial support for coal development overseas, and to fully decarbonize their energy sectors in the 2030s.

The announcement is a major step towards phasing out the dirtiest energy source by the world’s richest nations and was sequel to the International Energy Agency’s report released on Tuesday, May 18, 2021, which reinforces that in order to keep global heating within the 1.5C limit, all new developments of fossil fuels must end this year.

In response to the announcement, 350.org global campaigns director, Aggy Hall, said: “We welcome this announcement as a sign that wealthy G7 nations are finally recognizing that this is the time for us to turn the tide and start building the more just future that people are demanding. But there is still a lot to be done in terms of translating these commitments into reality. 

“As the single largest contributor to the climate crisis, destroying the air, water, public health, and livelihoods, coal must be the first fossil fuel to be phased out. We need to manage the decline of existing production in line with what is necessary to achieve the goals of the Paris Agreement. 

“Japan is one of the primary financiers of coal development globally, going against its own climate goals. Japan must stop pouring fuel on the fire and follow other G7 nations by finally adopting comprehensive coal exclusion policies.

“In order to achieve a truly just recovery from both COVID-19 and climate breakdown, we need funds to be redirected towards a just transition, guaranteeing equal access to vaccines in all developing countries, so that no one is left behind.”

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