G7 Ministers confirm end of international coal financing

On 20 and 21 May, the G7 Climate and Environment Ministers met virtually under the UK Presidency to discuss joint steps to tackle the global climate and environment crisis and the key role of the global energy transition on the path towards worldwide decarbonisation by 2050. The Federal Ministry for Economic Affairs and Energy was represented by Parliamentary State Secretary Thomas Bareiß. The German delegation was headed by Svenja Schulze, Federal Minister for the Environment, Nature Conservation and Nuclear Safety.

State Secretary Thomas Bareiß said: "Climate action is a global challenge which can only be tackled successfully if all stakeholders join forces. Our common objective is the rapid recovery of the global economy after we have overcome the pandemic. A secure, affordable and climate-friendly energy supply is an essential basis for this. The transformation of our energy systems is also becoming increasingly important worldwide. We are convinced that the energy transition can become an engine for growth and innovation for our economies and will strengthen industry in the long term. This requires smart, industry-related approaches. In this context, the G7 is assuming a pioneering role and has agreed on an initiative to decarbonise industry. Germany is aware of the fact that, as industry accounts for nearly 22% of our economy, we will assume a key role among the G7 countries."

The energy and climate policy issues of the Ministerial Meeting included closer cooperation of the G7 to accelerate progress on reaching the targets of the Paris Agreement, funding and implementation of a sustainable economic recovery after the Covid-19 pandemic which provides an additional impetus to the energy transition, and the key role of a clean, viable and reliable energy supply to reach the UN Sustainable Development Goals. In this context, the G7 Ministers agreed to take steps to end new, direct state funding for coal-fired power plants in other countries this year. Furthermore, the participants of the Ministerial Meeting exchanged views on how the G7 as a community of open and democratic societies sharing the same values can best work together to promote innovation, new sustainable technologies and the creation of markets for green products