Updated April 23rd, 2024 at 06:51 IST

G7 Nations Falling Short on Climate Targets, Urgent Need for Ambitious Action

The analysis also highlights the need for increased international climate finance

Reported by: Business Desk
Trade and economy officials from the Group of Seven wealthy democracies. | Image:AP
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Climate targets: In a recent analysis by Climate Analytics, it's been revealed that the G7 countries are falling short of their emission reduction targets for 2030. Despite collectively aiming for a 40-42 per cent reduction, current policies suggest they'll likely achieve only 19-33 per cent. This shortfall not only lacks the necessary leadership but also poses a significant threat to global climate goals.

Neil Grant, lead author of the analysis, emphasises that G7 economies, comprising 38 per cent of the world's GDP, need to step up their game. Grant advocates for ambitious action, including a commitment to decarbonization and a swift transition away from fossil fuels.

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The analysis also highlights the need for increased international climate finance and the phasing out of domestic coal and fossil gas power generation by 2030 and 2035, respectively. Furthermore, accelerating renewable energy and energy efficiency efforts is deemed crucial in limiting temperature rise to 1.5 degrees Celsius.

Italy and Japan, both part of the G7, are urged to address their significant fossil fuel subsidies, underscoring the importance of internal reforms within member countries.

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With the upcoming G7 meeting in Venaria Reale, there's an opportunity for these nations to reassess their commitments and take concrete steps towards achieving their climate targets. This isn't just about environmental responsibility; it's about ensuring a sustainable future for global businesses and economies.

With PTI Inputs

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Published April 23rd, 2024 at 06:51 IST