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G20: Abolition of financing for coal-fired power generation

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G20: Abolition of financing for coal-fired power generation

The leaders of the 20 strongest economies in the world called for “substantial and effective” action to limit the rise in global temperature to 1.5 degrees Celsius, according to the final announcement, which was seen today by Reuters in view of its publication.

Strengthen national plans

However, the announcement includes few references to clear action and no reference to the 2050 deadline for achieving the zero carbon target, which scientists say is vital to averting catastrophic climate change.

The final communiqué states that the current national plans for emission reductions should be strengthened “if necessary”, and includes a commitment to eliminate funding for coal-fired power generation by the end of the year.

“We recognize that the effects of climate change at 1.5 degrees Celsius are much less than at 2 degrees Celsius. “Keeping 1.5 degrees Celsius close requires substantial and effective action and commitment from all countries,” the statement said.

Urgent response to the climate crisis

According to the Italian Presidency, during today's G20 Summit, which focused on the environment and climate change, all the leaders referred in their speeches to the urgent need to address the climate crisis.

“The fall of the Roman Empire teaches us that when the collapse begins, everything happens very quickly,” said British Prime Minister Boris Johnson.

US President Joe Biden appealed to all leaders: “I do not want future generations to refer to this summit and think: this is how we failed” and added: “Future generations must think: that is why we have managed to succeed”.

Italian Prime Minister Mario Draghi referred to multilateralism as a key method of tackling climate change. While Russian President Vladimir Putin, the Italian presidency makes known, said that the G20 should be a key institution for setting clear, uniform and transparent rules.

$ 100 billion fund for ecological transition

The heads of state and government who met in Rome, despite individual differences, agreed on the need to reduce greenhouse gas emissions by the middle of the century, a commitment that will be contained in the G20 Final Declaration.

The French President Macron referred to the negotiations of the various delegations and their conclusion. This includes a $ 100 billion fund to support the ecological transition to developing countries and the phasing out of coal-fired power plants.

“This G20 summit is crucial, it is being organized on the eve of COP26 in Glasgow,” Chancellor Angela Merkel said. “We are sending a clear message: we are even more ambitious than the Paris Agreement,” Merkel added.

Source: politis.com.cy

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