The Environment Ministers of the G7 countries have reached agreement on saying goodbye to coal. We can read it in the final document approved at the Royal Palace of Venaria, on the outskirts of Turin. “We undertake to abandon coal energy production by the first half of 2030 and, in the meantime, reduce it as much as possible,” reads the text of the agreement. The seven most industrialized countries in the world have reached an agreement on what is defined as new generation nuclear power, i.e. energy generated by fusion. «International collaborations will be promoted to accelerate the development of fusion plants», the document continues.
The preamble of the final document instead contains a declaration of solidarity with Ukraine. “We pay tribute once again to the courage and resilience of the Ukrainian people, who tirelessly fought for the freedom and democratic future of Ukraine in the midst of Russia’s ongoing illegal wars.”
The ministers present in Venaria, however, did not reach an agreement to establish the mechanisms for the “loss and damage” fund, intended for the poorest countries vulnerable to the effects of climate change: the contribution, in fact, remains “on a voluntary basis”.
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The main points of the agreement are:
– The G7 countries undertake to draw up and deliver new emission reduction plans (the so-called NDCs) at an international level, in advance of the formal deadline of 2025 (at Cop30 in Brazil), within 9-12 months beforehand. A commitment that shows the ambition of the richest countries to lead decarbonisation at a global level.
– gradually eliminate coal-fired electricity production «during the first half of the 2030s» (this is the expression used in the final document), therefore by the maximum date of 2035. The timetable is consistent with maintaining the overheating limit global within +1.5°C.
– The objective set at COP28 in Dubai to triple renewable energy production by 2030 is confirmed
– The G7 countries also add the objective of increasing the storage of electricity (batteries and other systems), fundamental to making up for the intermittency of renewables: the target is 1,500 GW globally by 2030, an increase of more than six times compared to the 230 GW of 2022
– Still on the subject of decarbonisation, the final document states the objective of significantly increasing investments in electricity transmission and distribution networks by 2030, recognizing that 600 billion dollars per year are needed to achieve climate objectives
– States undertake to reduce subsidies to the most polluting fossil fuels in the coming years unbated (i.e. whose emissions are not captured or offset)
– Openness to nuclear energy, a solution to decarbonisation especially for countries where it already exists and research is progressing for new small-scale power plants. The document also opens up research for nuclear fusion, recognizing the long times needed to perfect the technology and create any plants
– On the subject of climate finance, the G7 recognizes that the order of magnitude of the interventions to achieve the objectives of the Paris Agreements can be counted in the “trillions” of dollars, or trillions. The G7 countries recognize the challenges vulnerable countries face and call for greater involvement on a global scale, seeking to find a common method to support the global transition.
– The document recognizes the very high levels of plastic pollution, as well as the need for greater biodiversity efforts, such as the need to stop deforestation by 2030.
Pichetto Fratin: “Italy is ready to abandon coal, now let’s develop nuclear”
The document then presents some interesting points dedicated to water management (the G7 Water Coalition will be formed), to coffee cultivation seriously affected by climate change (Italy has asked for the start of state-company partnerships for a coffee supply chain sustainable) and the management of road infrastructure for electric vehicles.
Luca Bergamaschi, Director and Co-founder of ECCO, the Italian climate think tank, commented on the result: «The G7 countries take a decisive step forward for the translation of COP28 in Dubai into national policies. First of all, the commitment to the gradual exit from fossil fuels through the development and adoption of national policies, actions and plans. A new challenge now begins for Italy. After having demonstrated that the exit from coal is possible and close, it is now necessary to plan the exit from gas in the next 20 years, starting from the electricity sector.” Bergamaschi continues: «The G7 countries also recognize that the queen technology for the decarbonisation of transport is electric, leaving marginal space for biofuels, also in line with what has been established by the European Court of Auditors. Finally, for the first time the G7 countries officially recognize that trillions of dollars are needed to achieve the objectives of the Paris Agreement: these commitments can only be achieved with an extraordinary mobilization of public and private resources. These decisions are now in the hands of Minister Giorgetti and Premier Meloni in view of the G7 Finance in May and the G7 Summit in June”.