In climate push, G7 agrees to stop international funding for coal

23rd May, 2021

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Heavy equipment excavate anthracite coal from a strip mine in New Castle, Pennsylvania, U.S., July 13, 2020. Picture taken July 13, 2020. Photo: Reuters


The world's seven largest advanced economies agreed on Friday to stop international financing of coal projects that emit carbon by the end of this year, and phase out such support for all fossil fuels, to meet globally agreed climate change targets. Stopping fossil fuel funding is seen as a major step the world can make to limit the rise in global temperatures to 1.5 degrees Celsius above pre-industrial times, which scientists say would avoid the most devastating impacts of climate change.

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