Context: The G7 countries’ Climate and Energy Ministers and envoys committed to working towards carbon-free electricity production by 2035 and accelerating the phase-out of coal. The participants also agreed to accelerate solar and wind energy investments to produce 1,000 GW of solar power and 150 GW of wind power from offshore platforms by 2030, in line with the IPCC’s recommendation to limit global warming to 1.5 degrees Celsius.
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To prevent global warming it is necessary to change into the carbon-neutral energy system, and many countries have declared that they aim for a carbon-neutral society. The focus is on transition of energy source from fossil fuels to carbon-free energies. Carbon-free energy sources are nuclear power and renewable energy, including synthetic fuel called “e-fuels.” E-fuels such as hydrogen, ammonia, methane, and DME are made by renewable energy.
About Carbon free energy
Energy sources that are considered carbon-free do not generate any carbon emissions during their production, and are usually sourced from resources like nuclear or large hydroelectric. While these resources can play a crucial role in mitigating greenhouse gas emissions, their usage can also have adverse effects on the environment and economy. For instance, nuclear power plants produce radioactive waste that requires long-term safe storage, which can be expensive. Similarly, building new large hydroelectric resources requires dam construction that can have lasting negative impacts on the surrounding ecosystems.
What is Renewable energy?
Renewable energy refers to naturally replenishing resources that generate zero emissions during their production. Examples of renewable energy sources include solar, wind, geothermal, biomass and biowaste, as well as certain forms of hydroelectricity.
While all renewable energy is carbon-free, not all carbon-free energy is renewable. Only naturally-replenishing sources are renewable.
- The G7 (Group of Seven) is an intergovernmental organisation of the world’s seven largest so-called “advanced” economies, which dominate global trade and the international financial system.
- Its members are Canada, France, Germany, Italy, Japan, the UK and the United States.
- Russia joined in 1998, creating the G8, but was excluded in 2014 for its takeover of Crimea.
- China has never been a member, despite its large economy and having the world’s biggest population.
- Japan took over the G7 presidency in 2023, which means it will host the organisation’s annual summit in May 2023 at Hiroshima.
- The EU is not a member of the G7 but attends the annual summit.
Initiatives of G7
- The G7 played crucial role in setting up a global fund to fight malaria and Aids in 2002.
- Ahead of the 2021 G7 summit in the UK, the G7 finance ministers agreed to make multinational companies pay more tax.
- It has also provided financial aid to developing countries, and addressed climate change.
- The G7 countries, have officially launched the Partnership for Global Infrastructure and Investment (PGII), a joint initiative to fund infrastructure projects in developing countries.