350.org press release, May 21, 2021

Global – Today the world’s richest nations made a major step towards phasing out the dirtiest energy source. After some resistance from Japan, the G7 agreed to end their financial support for coal development overseas, and to fully decarbonize their energy sectors in the 2030s.

The announcement follows the International Energy Agency’s report released this Tuesday, 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 today’s announcement, Aggy Hall, 350.org Global Campaigns Director, issued the following:

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 meet the goals of the Paris Agreement. 

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.

350.org responds to G7 announcement to end coal financing