G7 scrambles to keep climate agenda on track
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard

Sunday
June 26, 2022

Sign In
Subscribe
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
SUNDAY, JUNE 26, 2022
G7 scrambles to keep climate agenda on track

Global Economy

Reuters
26 May, 2022, 09:55 am
Last modified: 26 May, 2022, 09:58 am

Related News

  • Germany urges G7 to reverse fossil fuel finance rule in blow to climate targets
  • How the G7 could help the debt-distressed
  • G7 must act to help tackle global hunger crisis-German UN food agency
  • G7, NATO leaders to ratchet up pressure on Russia, keep eye on China - US officials
  • Biden to attend G7 and NATO summits -statement

G7 scrambles to keep climate agenda on track

Reuters
26 May, 2022, 09:55 am
Last modified: 26 May, 2022, 09:58 am
Photo: Collected
Photo: Collected

Ministers from the world's wealthiest democracies will wrangle over how to keep climate change goals on track as they meet in Berlin on Thursday for talks overshadowed by spiralling energy costs and fuel supply worries sparked by the war in Ukraine.

Energy, climate and environment ministers from the Group of Seven (G7) countries want to reaffirm a commitment to cap global warming at 1.5 degrees Celsius and protect biodiversity at the May 25-27 meeting.

The group will also consider committing to a phase-out of coal power generation by 2030, according to a draft communique seen by Reuters, though sources suggested that opposition from the United States and Japan could derail such a pledge.

The draft, which could change considerably by the time talks conclude on Friday, would also commit G7 countries to have a "net zero electricity sector by 2035" and to start reporting publicly next year on how they are delivering on a past G7 commitment to end "inefficient" fossil fuel subsidies by 2025. 

The invasion of Ukraine by Russia has triggered a scramble among some countries to buy more non-Russian fossil fuels and burn coal to cut their reliance on Russian supplies, raising fears that the energy crisis triggered by the war could undermine efforts to fight climate change.

Campaigners urged the ministers of the G7 to make clear commitments that the fallout of the Ukraine war would not derail their targets.

"We have a new reality now. The G7 need to respond to that, and they should respond through renewables, and not through fossil fuel infrastructure," said David Ryfisch, climate policy expert at non-profit Germanwatch.

While seeking consensus on an oil embargo on Russia, the European Union is pushing to accelerate the bloc's pivot to renewable energy while finding fossil fuel alternatives to Russian supplies. 

Alden Meyer, senior associate at climate think-tank E3G, said tackling climate change was the best and quickest way for countries to achieve energy security.

"Climate impacts are worse than scientists originally predicted and there's far worse ahead if we don't cut emissions rapidly," Meyer said. "Delivering on climate promises really becomes even more vital in this tense geopolitical environment."

Ahead of the meeting, the B7 group of leading business and industry federations of the G7 states called on the group to back a plan along the lines of German Chancellor Olaf Scholz's "climate club" to harmonise standards on emissions and CO2 pricing.

Scholz had suggested the idea to try to avoid trade friction in areas including green tariffs, the development of markets for decarbonised products, carbon pricing and removal methods. 

Top News / World+Biz

G7 / G7 countries / g7 leaders / climate action / climate activism / Climate action plan

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Photo: PMO Press Wing
    PM salutes people, opens Padma Bridge
  • Photo: PMO Press Wing
    Her moment of glory, our moment of pride
  • PM Hasina invites US President Joe Biden to visit Bangladesh
    PM Hasina invites US President Joe Biden to visit Bangladesh

MOST VIEWED

  • A Malaysia Ringgit note is seen in this illustration photo on 1 June 2017. Reuters Illustration/Files
    Malaysia plans record $18 billion subsidy spend in inflation fight
  • The Jaenschwalde lignite coal-fired power plant in Peitz, Germany. Photo: Bloomberg
    Germany urges G7 to reverse fossil fuel finance rule in blow to climate targets
  • Russian President Vladimir Putin looks up during a joint press conference with French President Emmanuel Macron after their talks, in Moscow, Russia, 7 February, 2022. PHOTO: REUTERS
    Putin defends Russia's stance on global food crisis
  • A packet of US five-dollar bills is inspected at the Bureau of Engraving and Printing in Washington March 26, 2015. REUTERS/Gary Cameron
    US recession would be 'necessary price' to defeat inflation: IMF chief
  • NATO Secretary General Jens Stoltenberg, European Commission President Ursula von der Leyen, Canada's Prime Minister Justin Trudeau, U.S. President Joe Biden, German Chancellor Olaf Scholz, Britain's Prime Minister Boris Johnson, France's President Emmanuel Macron and Japan's Prime Minister Fumio Kishidameet pose for a family photo at NATO Headquarters in Brussels, Belgium, March 24, 2022. Doug Mills/Pool via REUTERS
    G7 must act to help tackle global hunger crisis-German UN food agency
  • Wall St Week Ahead: Bruised US stock investors brace for more pain in second half of 2022
    Wall St Week Ahead: Bruised US stock investors brace for more pain in second half of 2022

Related News

  • Germany urges G7 to reverse fossil fuel finance rule in blow to climate targets
  • How the G7 could help the debt-distressed
  • G7 must act to help tackle global hunger crisis-German UN food agency
  • G7, NATO leaders to ratchet up pressure on Russia, keep eye on China - US officials
  • Biden to attend G7 and NATO summits -statement

Features

Photo: TBS

A dream dreamt and then delivered

5h | Panorama
In pictures: 2022 Dhaka Motor Show

In pictures: 2022 Dhaka Motor Show

16h | Wheels
Our team full of hope and mettle, before we entered the disaster zone. PHOTO: SWAMIM AHMED

How we survived 4 days in Sunamganj flood

1d | Panorama
Photo: Bipul Sarker Sunny

Immigrants or refugees: Who really are the Maldoiyas?

1d | Features

More Videos from TBS

Building Padma Bridge a perfect reply to conspirators, says PM Sheikh Hasina

Building Padma Bridge a perfect reply to conspirators, says PM Sheikh Hasina

5h | Videos
Grand opening of Padma Bridge with colorful airshow and festival

Grand opening of Padma Bridge with colorful airshow and festival

5h | Videos
Man travelling barefoot for 47 years walks on Padma Bridge

Man travelling barefoot for 47 years walks on Padma Bridge

5h | Videos
Padma Bridge inauguration draws huge crowd

Padma Bridge inauguration draws huge crowd

9h | Videos

Most Read

1
Photo: Prime Minister's Office
Bangladesh

New investment in transports as Padma Bridge set to open

2
Japan cancels financing Matarbari coal project phase 2
Bangladesh

Japan cancels financing Matarbari coal project phase 2

3
Desco wanted to make a bold statement with their new head office building, a physical entity that would be a corporate icon. Photo: Courtesy
Habitat

Desco head office: When commitment to community and environment inspires architecture

4
Photo: TBS
Infrastructure

Gains from Padma Bridge to cross $10b, hope experts

5
20 businesses get nod for $326m foreign loan for expansion
Economy

20 businesses get nod for $326m foreign loan for expansion

6
Multiple robbery incidents reported in flood stranded Sylhet and Sunamganj
Bangladesh

Multiple robbery incidents reported in flood stranded Sylhet and Sunamganj

EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2022
The Business Standard All rights reserved
Technical Partner: RSI Lab
BENEATH THE SURFACE
Cattle graze on the bank of the River Padma at Paschim Painpara near Jajira end of the Padma Bridge. Photo: Mumit M

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net