Global climate change is front
and center this summer. Earlier
this week, the Group of
Seven (G7), comprised of leaders from seven of the world’s largest
industrialized nations, convened in Germany for a two-day annual summit to
discuss global economic challenges.
As part of the summit, the G7 announced its commitment to phase out fossil fuels by the end of this century. A majority of the participating G7 countries have already set carbon emission reduction goals. For example, the United States has pledged an 83 percent reduction from its 2005 greenhouse gas emissions by the year 2050. But for countries that have been less proactive in this realm such as Canada and Japan, this agreement indicates a new and exciting commitment to address climate change.
As part of the summit, the G7 announced its commitment to phase out fossil fuels by the end of this century. A majority of the participating G7 countries have already set carbon emission reduction goals. For example, the United States has pledged an 83 percent reduction from its 2005 greenhouse gas emissions by the year 2050. But for countries that have been less proactive in this realm such as Canada and Japan, this agreement indicates a new and exciting commitment to address climate change.
Much credit was given to German
Chancellor Angela Merkel, also known as the “climate chancellor,” for making
climate change a priority in G7 planning. From The
Guardian:
[Jennifer] Morgan [of the
World Resources Institute] praised the momentum that appears to be developing
among the world’s leaders for climate action.
“Politically,
the most important shift is that chancellor Merkel is back on climate change.
This was not an easy negotiation. She did not have to put climate change on the
agenda here. But she did,” she said.
While the G7 agreement on
de-carbonization by the century’s end is non-binding, this pledge by seven of
the world’s major economies is expected to have the effect of driving investment away from fossil
fuels and toward renewable energy and energy efficiency. Also from the
Guardian (emphasis added):
[Tom Burke, environmental advisor to Shell,] said that
outside the numbers, the G7’s primary
function was to send signals to other countries and to markets and that the
announcement today would shift things significantly.
“Everyone gets over focused on
what the text of the treaty is. What really matters is what gets done in the
real economy and the extent that the players in the real economy react to this
signal. You’re going to shift the needle
of interest in the investing community away from oil and gas and towards
renewables, storage and energy efficiency. And I think that’s further than
probably the oil companies had anticipated,” said Burke.
Other climate news to watch this
summer:
- Pope Francis’
much-anticipated encyclical on the environment will be released on Thursday, June 18.
- A mid-July release is expected for the Environmental Protection Agency’s Clean Power Plan, which will be the first federal standard on carbon pollution.
Katie Bartolotta is PennFuture's southeastern Pennsylvania outreach coordinator and is based in Philadelphia. She tweets @KatieBartolotta.
