The G7 Needs to Step Up Climate Ambition, Action and Finance
At COP26, governments gave a clear signal that stronger targets and actions are needed, with a collective commitment to bring forward 1.5°C aligned 2030 targets this year. In this context, and against a backdrop of increasingly severe warnings from the world’s climate scientists, the 2022 G7 summit is an ideal place for an act of leadership by the wealthier countries in the world. This Policy Brief outlines three key policy recommendations for this June’s G7 summit that, if adopted, would demonstrate such leadership and maintain the momentum that was developed at COP26. First, the G7 needs to commit as a group to lower its emissions by 60% by 2030 compared with 2010 levels, and to strengthen NDCs this year to align with the Paris Agreement’s 1.5°C temperature goal. Second, the G7 need to strengthen the implementation of their targets by passing them into legislation and implementing policies to meet them that are informed by the best available science. As part of this, the G7 need to commit to phasing out coal by 2030 and gas power generation by 2040, in line with what is needed to keep 1.5°C in reach, and to rapidly accelerate investment in renewable energy and storage. And third, G7 members need to commit to substantially scale-up their climate finance contributions, as well as to develop innovative financing instruments to accelerate the provision of accessible finance to the most vulnerable.