Leaders of the Group of Seven (G7) nations have concluded their landmark summit in Cornwall, UK committing to reach net-zero emissions by 2050 amid a series of other significant energy and climate pledges.

They issued a communiqué in which they set out their net zero commitments and called on all countries, in particular major emitting economies, “to join us in these goals as part of a global effort.” In this context, the leaders noted the IEA’s “clear roadmap” for achieving net zero globally by 2050.

“I’m very proud to see recognition of the IEA’s comprehensive Roadmap for the global energy sector to reach this critical and formidable goal,” said Dr Fatih Birol, Executive Director of the International Energy Agency (IEA).

“The IEA looks forward to helping governments design and implement the strong policy actions that are needed to move the world onto a narrow yet achievable pathway to net zero by 2050. In the lead-up to COP26 in November, I look forward to seeing additional firm commitments to improve and increase clean energy financing for developing economies.”

The communiqué said that G7 leaders had committed to aligning official international financing with the global achievement of net zero greenhouse gas emissions no later than 2050 and for deep emissions reductions in the 2020s.

The IEA’s Roadmap to Net Zero by 2050 is the world’s first comprehensive study of how to transition to a net zero energy system globally by 2050 while ensuring stable and affordable energy supplies, providing universal energy access, and enabling robust economic growth.

In the pathway laid out in the IEA Roadmap, strong and credible policy actions by governments around the world drive a historic surge in clean energy investment and deployment, thereby reducing demand for fossil fuels, creating millions of new jobs and lifting global economic growth.

The G7 countries are Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. Leaders of the countries have gathered together annually since the 1970s, alongside the heads of the European Union. – TradeArabia News Service