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There were certainly some positive climate commitments that came from the gathering of G7 leaders last week. Yet many experts and activists feel as if the richest nations in the world have room to be more ambitious and must lead the world in decarbonization. British environmentalist Sir David Attenborough had nothing but straight talk for […]
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by Ashira Morris, ODP Staff Writer World leaders from the Group of 7 countries wrapped up their first post-pandemic in-person summit on Sunday, and the climate crisis was one of the primary agenda items. The heads of state from the U.S., U.K., France, Germany, Canada, Italy, and Japan (as well as the European Union) Agreed […]
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Large institutions investors representing more than $41 trillion in assets sent a strongly worded letter pressing the G7 governments to “set more ambitious emission reduction targets, detail “clear” road maps to decarbonize pollution-heavy industries and implement mandatory climate risk disclosure requirements,” CNN reported.
Why This Matters: Money talks. Investors are increasingly willing to walk away from deals like oil and gas drilling projects in the Arctic or investments in fossil fuel companies that refuse to change their business models.
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The G7 countries have spent more on fossil fuels than clean energy since last March, a new study led by the non-profit Tearfund shows.
Why This Matters: The economic upheaval of the pandemic and its accompanying stimulus could have been a chance to pump money into the country’s net-zero goals. Instead, it appears that the members propped up the very industries that are increasing carbon in the atmosphere.
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On Friday, the G7 Environment Ministers issued a long and detailed statement that was loaded with promises and high ambition. The most headline-grabbing of the pledges was around the decision to end direct financial support for new coal-fired plants in developing countries going forward.
Why This Matters: Parts of the communique seemed directed toward the Chinese (not a G7 member). Special Envoy Kerry immediately called on the G20 countries to agree to the same pledges.
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Last Monday, the National Bureau of Economic Research published a study that found the negative impact of climate change on the U.S. economy if we do nothing to curb our greenhouse gas emissions would result in 10.5% lower real income by 2100 as a result of losses due to extreme weather events and declines in worker productivity, and the global economy would lose 7.2%.
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