G7 "This Year a Turning Point for the Earth... Carbon Neutrality by 2050"

Photo by Reuters

[Asia Economy Reporter Yujin Cho] The leaders of the Group of Seven (G7) reaffirmed their commitment to achieving carbon neutrality by 2050 at the latest and to providing $100 billion (approximately 112 trillion KRW) annually in climate finance to support developing countries.

On the 13th (local time), the G7 emphasized that "this year must be a turning point for the planet through green transition, greenhouse gas reduction, and biodiversity expansion."

In a joint statement released after the summit held from the 11th to today at Carbis Bay in Cornwall, UK, the G7 leaders agreed to "mobilize all efforts to achieve net-zero greenhouse gas emissions as early as possible, and no later than 2050."

The leaders shared the view that "it is increasingly necessary to limit the global average temperature rise to below 1.5 degrees Celsius compared to pre-industrial levels to prevent irreversible changes to the Earth."

They also recognized that coal power is the single largest source of greenhouse gas emissions and acknowledged the need to accelerate the transition from coal power plants without carbon reduction devices to decarbonized power systems.

Photo by EPA

As agreed in Copenhagen in 2009 and reaffirmed in the 2015 Paris Agreement, they agreed to mobilize public and private finance, including providing $100 billion annually in climate finance to support developing countries' climate change responses.

The leaders agreed that global efforts from both public and private sectors are necessary to secure funding and pledged to increase climate and nature-related finance through multilateral development banks, international financial institutions, and development finance institutions.

They also supported the '30 by 30' goal to designate 30% of terrestrial and marine areas as protected areas by 2030 and discussed the need to set detailed targets aligned with this goal for biodiversity conservation.

The leaders stated, "We commit to achieving global biodiversity goals, including conserving and protecting at least 30% of the Earth's land and oceans by 2030," emphasizing that "this year is a once-in-a-decade opportunity to establish a global framework for biodiversity, including new targets up to 2030."