Berlin, 28 May 2022 (TDI): While underscoring the integral role of The Organization of the Petroleum Exporting Countries (OPEC) on the global market, the representatives from the G7 countries called on it to act responsibly. A communique shared these remarks at the end of the three days of G7 talks in Berlin.
According to the official sources, the representatives of the G7 countries Canada, France, Germany, Itlay, Japan, the United Kingdom, the United States, and the European Union issued this statement at G7 Environment, Energy and Ocean Ministers.
The group also reflected on the severe energy crisis that materialized due to the Russia-Ukraine conflict and proposed a response.
In addition, the group announced a breakthrough commitment to phase out coal-fuelled power by ceasing G7 international fossil fuel finance by the end of the year. The decision was made to address the pressing issue of soaring fuel prices, climate change, and the rise in global temperature, shared the Member of the Parliament of the UK, Alok Sharma.
“Solving the global energy crisis and the chronic climate crisis requires the same solution. It’s about reducing our dependence on fossil fuels as part of a managed transition,” underscored Sharma.
Decarbonization through Sustainable infrastructure
Meanwhile, the member states have reaffirmed their commitment to the Paris agreement and the commitments made in COP26 under Glasgow Climate Act. Consequently, adaptation, loss, and damage were critical pillars of the pact, Sharma added.
The member countries have committed to mobilize their “billions to trillions” policy to invest in sustainable infrastructure in vulnerable developing countries for energy transitions. Additionally, the communique has underlined the centrality to double adaptation finance by 2025 on 2019 levels.
Furthermore, Sharma also affirmed G7’s assistance and support for the operationalization of the Santiago Network, work on the Global Risk Shield, and engagement in the Glasgow Dialogue.
Conservation of natural habitat
Along with climate change commitments, the meeting also focused on the need to respond to rapid and continued environmental degradation and loss of biodiversity due to human interventions.
While sharing the progress made to protect biodiversity and natural resources, Sharma stated that G7 countries are building the 2030 Nature Compact. in addition, he highlighted several commitments that project G7 dedication to the protection of nature.
To emphasize the need for rapid upscaling of finance for nature, Sharma said that G7 would deploy public financial resources to align economic and financial decisions with the recovery of the environment. He underscored the need to accelerate delivery and turn targets and commitments into actions.
