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G7: Time to act on clean energy

Update 28th July 2022: Read our statement on the G7 Summit 2022

Governments of the G7 are meeting in the context of both an energy crisis and a narrowing window of opportunity to deliver on the commitments made under the Paris agreement. With soaring energy prices, concerns about supply and increasingly alarming science, we are at a turning point.

A diversified, reliable clean energy system is the most cost-effective way to reduce energy price volatility, increase energy security and cut emissions. With the right policies, the G7 can lead a rapid transition away from fossil fuels and support industry transformation on the way to climate neutral and resilient economies.

Proactively delivering adequate support to developing countries must be an essential part of this response.

Over 1,000 companies headquartered in nearly 60 countries including the US, Japan and EU member states, have joined calls for governments to set policies that accelerate the transition to clean energy.

 

PRIORITY POLICY RECOMMENDATIONS

As the voice of progressive businesses, We Mean Business Coalition has written to G7 leaders with the following priority policy recommendations to accelerate a just clean energy transition.

    • Put forward strengthened Nationally Determined Contributions (NDCs) in line with a 1.5ºC pathway and the latest science to halve global emissions by 2030 as agreed at COP26.  

 

    • Commit to a rapid and just transition away from fossil fuels towards achieving fully decarbonized power systems in the G7 by 2035.   

 

    • Phase out domestic coal-fired power generation by 2030, along with supporting phase out in other OECD and non-OECD economies by 2030 and 2040 respectively.   

 

    • Rapidly scale up renewable energy deployment towards achieving 70% of power generation by 2030 in the G7.

 

    • Commit to 100% sales of zero emissions (ZEVs) by 2035 for new light duty vehicles.

 

    • Increase public spending for energy efficiency, including by setting expenditure targets to a level equivalent to other crisis response measures, in recognition of the vital role of energy efficiency in achieving energy security.

 

    • Set out national action plans in 2022 to eliminate all fossil fuel subsidies by 2025 with plans to repurpose those towards energy efficiency, renewable energy, and other measures to support a people-centred and equitable clean energy transition.

 

In addition, aligned financial decisions and flows will be essential for enabling the just, clean energy transition and keeping 1.5ºC within reach. We therefore ask that G7 Leaders also consider:

    • Putting a meaningful price on carbon that increases and converges towards a uniform global price over time and reflects the full costs of climate change.

 

    • Making climate-related environmental disclosure mandatory for corporations to provide clarity on both value creation and the effects of corporate activities on people and planet, including by supporting the International Sustainability Standard Board (ISSB) to develop a global baseline for sustainability-related financial disclosures.

 

Through additional policy measures, G7 governments can send clear signals to business on the speed and direction of travel, remove barriers and ensure the most effective and efficient private sector investment and transition pathways.

 

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