Commenting on the G7 final communique, Pietro Bertazzi, Global Director for Policy Engagement & External Affairs at CDP said: “The commitments made by G7 leaders on fossil fuels and the energy transition fall far short of what is needed. The promise to accelerate the phaseout of unabated coal power, while welcome, was made without a deadline. G7 governments must demonstrate leadership by taking concrete action to phaseout fossil fuels, ensuring they have robust roadmaps in place and can be held to account for progress. Doing so also sends a clear signal to corporations that they must follow suit.
The intention to deliver more public investment in natural gas is reckless at best. Increasing the supply and use of gas is not viable as it will mean we fail to meet the global climate goals and continue to prop up the current volatile fossil-fuel based energy system. It goes completely against science and is another disappointing case of backtracking from those large emitters who should be leading the way.
It is positive to see G7 leaders remain committed to supporting business and financial institutions’ climate action and transition to net-zero, support once again the role of disclosure and the ISSB’s climate disclosure standard, which CDP is set to integrate into its disclosure system in 2024. However, it is critical for governments to put in place a conducive environment to accelerate private sector action, with clear timebound plans for the implementation of nature-related disclosure requirements, in line with the commitment 193 governments made in December through Target 15 of the Kunming-Montreal Biodiversity Framework.
Lastly, we were encouraged to see leaders recognize the importance of 1.5-aligned corporate climate transition plans. Financial regulators across the G7 countries must now act swiftly to put requirements in place that ensure ambition and credibility.”