G7 unveils new Climate Club to curb global warming
Elmau, Germany, Jun 28 (EFE).- The leaders of the G7 on Tuesday unveiled the Climate Club, a new intergovernmental forum that hopes to accelerate the implementation of measures to curb global heating with a special focus on the industrial sector.
The new forum was unveiled at the conclusion of a summit in southern Germany gathering the leaders of the world’s seven most developed economies.
“We note with concern that currently neither global climate ambition nor implementation are sufficient to achieve the goals of the Paris Agreement by reducing greenhouse gas emissions,” the Group of Seven said in a statement.
Members of the Climate Club, which will be established by the end of the year, will collaborate to mitigate the damaging effects of climate change, in particular by promoting energy transition and accelerating the process of moving away from coal.
The initiative for the new forum came from Germany, which was hosting the annual summit that ended Tuesday in Elmau, Bavaria, with the United States, Canada, the United Kingdom, Japan, France and Italy.
Countries joining the Club will cooperate to achieve climate neutrality through policies such as strengthening emissions monitoring mechanisms and actions to counteract carbon leakage.
Members will share best practices and seek ways to compare the effectiveness and economic impact of their policies.
They will also seek to boost the decarbonization of their industrial sectors in line with the Industrial Decarbonization Agenda and the Hydrogen Action Pact, as well as through the expansion of existing markets for green industrial products.
The Club will also use cooperation agreements to encourage other countries to act against climate change and to “unlock socio-economic benefits of climate cooperation and to promote just energy transition.”
The communiqué underlined the importance of Just Energy Transition Partnership (JETP) agreements, such as the one signed with South Africa, which “have the potential to leverage support and assistance to developing countries for decarbonising energy and industrial sectors,” the G7 leaders noted, in addition to promoting transparency and technological development.
The Club, which will be “inclusive” in nature, will be accessible to any state that is committed to the implementation of the 2015 Paris Agreement. EFE