The Week’s Top Energy News
Top News In Energy This Week This week we’ve seen a flurry of green energy stories – including gr...Read More
G7 summit leaders have established to continue tackling energy system vulnerabilities and are poised for a historic call to phase out fossil fuels.
The recent summit saw leaders vie to target a zero-carbon economy, seeing the group of G7 nations throw their weight behind a long-term goal of decarbonising the global economy over the course of this century.
The declaration backs the long-term goal of reducing global greenhouse gases at the upper end of 40–70% below 2010 levels and by 2050 and decarbonising completely over the course of this century.
Whether this can be completed is debatable, a recent Oxfam report finds that coal-fired power plants in the G7 countries are responsible for more than twice the total emissions of the 54 countries of Africa and ten times more than the 48 leas developed countries of the world.
German Chancellor, Angela Merkel said the leading industrialised countries were committed to raising $100 billion in annual climate financing by 2020 from public and private sources.
Whilst the European Climate Foundation described the G7 leaders’ announcement as historic, stating it beckoned the “end of the fossil fuel age”.
The leaders also reaffirmed their commitment to principles for energy specific actions under the 2014 Rome G7 Energy Initiative. Key elements include continuing work on assessment of energy system vulnerabilities, which will focus on electrical systems, including cross-border flows, supply disruptions, demand response and infrastructure. As well as furthering diversification through the energy mix, fuels, sources and routes specifically through working on strengthening the resilience and flexibility of gas markets, both pipeline gas and liquefied natural gas.
The Summit states, “In strengthening the cooperation in the energy efficiency field, the summit will work together and with other countries to raise the overall coordination and transparency of clean energy research, development and demonstration, highlighting the importance of renewable energy and other low carbon technologies.”
As we have previously noted, the nature of energy in Europe is rapidly changing as renewables generation rises and coal generation diminishes. Better deals are out there for small to medium sized businesses, although most lack the time to trawl through scores of quotes.
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