Environment + Energy Leader
Summary
The G7 recently released its Clean Energy Economy Action Plan, which outlines operations toward reaching net-zero emissions by 2050 and limiting global temperature rise to 1.5 degrees Celcius.
The plan provides seven specific commitments toward combating climate change through global industry, including incentivizing clean energy practices, ensuring decarbonization through global trade, and further promoting clean energy technologies, goods, and services going forward. They assert a plan that makes decarbonized industrial production the default business case over time and promotes a circular economy of goods and services.
Considering the global nature of the climate crisis, the G7 lays out a concerted, international effort in all aspects of its plan. They aim to work with the World Trade Organization (WTO) to “reform and strengthen the multilateral trading system” and commit to coordinated cooperation in these efforts rather than working at the expense of one another. Recognizing the impact that low-and-middle-income countries (LMICs) have on a clean energy transition, they promise to step up their efforts in providing them with climate financing. Through these endeavors, they uphold that transitioning to a clean energy economy should also work to “reduce poverty and advance shared prosperity.”
Continue Reading
#News
#climatechange