G7 VOWS TO STOP FOSSIL-FUEL FINANCING ABROAD BY 2022

Japan recently for the first time joined fellow members of the Group of Seven industrialized 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.

At their G7 talks, ministers also committed to largely end the use of fossil fuels in their electricity sectors by 2035.

According to the IAEA, in order to maintain the goal of capping global warming at 1.5 degrees Celsius, all financing of new fossil fuel projects must be stopped immediately.

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