7 of the world’s largest economies have come to a landmark agreement to decarbonise the global economy by the end of the century. Canada, France, Germany, Italy, Japan, UK and USA have united to act on climate change and the threats posed by continuing reliance on fossil fuels.
Announced today, the G7 have agreed to translate the internationally agreed 2 degrees Celsius target into a set of concrete long-term decarbonisation goals:
(1) the decarbonisation of the global economy over the course of the century
(2) a global emission reductions target of 40 to 70% by 2050
(3) the transformation of the energy sectors of G7 countries by 2050
Representing some of the highest emitters in the world, the G7 statement commits these economies to a transformation of their energy sectors by phasing out fossil fuels and phasing in renewable energies to diversify energy sources and ensure energy security.
Track 0 have been calling for a strong signal from the G7 to decarbonize, and they have delivered.
We welcome the common vision of countries to support the UNFCCC process by putting their ambition on the table ahead of Paris and during the Bonn ADP session where an injection of commitment is needed.
“Accordingly, as a common vision we support sharing with all parties to the UNFCCC a global goal for greenhouse gas emissions reductions in the upper end of the latest IPCC recommendation of 40 to 70% by 2050 compared to 2010 recognizing that this challenge can only be met by a global response.”
CEO of Track 0, Farhana Yamin, said: “The G7 have sent an important signal that fossil fuels will not be the basis of global economic growth and prosperity. They’ve accepted that the energy sector must be transformed by 2050 in line with science if temperatures are to remain below the global goal of 2 degrees C – a goal they affirm their commitment to again.”
The announcement to proactively support the transfer and take-up of renewable energies on the African continent is also very welcome in the challenge to decarbonize globally. A long-term goal must enable developing countries to develop into systems that do not rely on fossil fuels in the medium and long term.
Isabel Bottoms, research and policy engagement from Track 0, said “the need for developing countries to leapfrog the carbon-heavy development of more industrialised countries is absolutely essential to build into the UNFCCC process. The Paris Agreement will not be equitable without this support from developed countries and the G7 commitment is a step forward in enabling these transfers that prevent lock-in of carbon-heavy infrastructures.”
Track 0 advocates for a global zero emissions goal by 2050, and we see this latest development as an important contribution to building the momentum for the Paris Agreement.
For the full press release, contact details and background on Track 0 see the full press release here.