The wealthy, developed economies of the world may support U.S. efforts to end the most polluting energy source and inspire other nations to do the same by pledging to stop using coal-fired power by 2035.
During discussions that began on Sunday in Turin, Italy, G7 climate and energy experts came to an agreement to phase out coal in the first half of the 2030s.
As a result of the ruling, they agreed to gradually phase out “existing unabated coal power generation” and lower their reliance on coal for electricity until 2035. In a statement released by the ministers following their meeting on Tuesday, they also promised to collaborate with other nations and the financial industry to stop approving new coal-fired power plants “as soon as possible.”
Although that communiqué is more of a declaration of intent than a legally binding agreement, analysts say it would be the first time a group of developed economies have agreed upon a timeline for the phase-out of coal use, sending a strong political signal that could hasten the transition of developing Asian economies to clean energy.
It also indicates the actions those nations want to take in order to fulfill the historic agreement to move away from fossil fuels that was established at the COP28 climate negotiations in November of last year.
Only Japan and the United States do not have a phase-out date for coal. However, the Biden administration has pledged to create a sustainable energy grid by 2035, indicating an even earlier phase-out of coal. Additionally, at that time, the G7 countries had decided to “fully or predominantly” decarbonize their electricity sectors.
In a preview of the decision, UK minister for energy security and net zero Andrew Bowie told Class CNBC on Monday, “To have the G7 nations come around the table and send that signal to the world that we, the advanced economies of the world are committing to phasing out coal by the early 2030s is quite incredible.”
The majority of the G7 countries—the United States, Canada, France, Germany, Japan, Italy, and the United Kingdom—already have plans in place to stop using coal that is high in carbon.
