G7 Sets Climate Pledges

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Climate change got its share of attention at the latest G7 summit. It resulted in pledges to accelerate the phaseout of coal in the G7 countries, end international funding of new coal projects and phase out fossil fuel subsidies. Countries also committed to halving their greenhouse gas emissions by 2030 on the way to net-zero emissions by 2050, and reaffirmed a pledge to help developing countries by providing $100 billion per year in financing. The nonbinding agreement reached by the G7 showed greater resolve to tackle climate change than any of the group's previous declarations, although environmental groups were disappointed that it didn't go further. Another big opportunity to rally international climate efforts will come at this year's G20 summit, which is set to take place in Rome in October -- just ahead of the COP26 conference in Glasgow in November (NE Jun.10'21).

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