G7 meets to discuss ambitious goals on climate strategy

AFP reported on April 29 that the G7 ministers' meeting in Turin was the first major political session since many countries pledged to reduce fossil fuel consumption at the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) hosted by the UAE last year. The event also took place in the context of a new report from a global climate institute showing that the G7 is not achieving its goals.

Khói từ nhà máy nhiệt điện chạy bằng than lớn nhất châu Âu Belchatow ở Rogowiec (Ba Lan) — Smoke from Europe's largest coal-fired power plant Belchatow in Rogowiec (Poland)

As planned, the G7 Environment Ministers, including the UK, Canada, Germany, the US, Japan, France and Italy, will hold four working sessions over two days at the Venaria Palace (Italy). Delegations from Dubai, Azerbaijan and Brazil will also attend the event.

Set ambitious new goals

In a statement ahead of the G7 summit, Italian Energy Security and Environment Minister Gilberto Pichetto Fratin expressed his desire to turn the Turin meeting into a "strategic link" between COP28 and COP29 - scheduled to take place in Azerbaijan in November. At the same time, Mr. Fratin emphasized that the goal of this G7 meeting is to ensure that the roadmap set out by COP28 becomes "feasible, realistic and clear".

The G7 talks are expected to highlight the need to diversify sources of critical raw materials, as well as the reuse of minerals. Italy said rare earths and renewable energy would be part of the discussion with African delegations invited to the Turin meeting.

Canada, France, Germany and the UK are working on a global pact to reduce plastic pollution, and the G7 is seen as a venue for the four countries to push for more involvement from the US and Japan. Italy also said the G7 would discuss “innovative” financing models amid calls for more accessible financing for vulnerable countries.

Is the climate crisis global?

The G7 accounts for about 38% of the global economy and was responsible for 21% of total greenhouse gas emissions in 2021. A report by the Climate Analytics think tank last week found that none of the G7 members were on track to meet their 2030 greenhouse gas reduction targets. Instead, these countries are attempting to cut at most about half of what is needed.

Luca Bergamaschi, founder of the Italian climate research organization ECCO, said that G7 decisions have a major impact on markets and investor expectations. Therefore, Italy's coordinating role at the G7 meeting in Turin "will be closely watched."

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