Group of international foundations calls on G7 leaders to enact climate change solutions and lift barriers to progress
June 5, 2018
An international group of 45 foundations from around the world — united in its commitment to address climate change and find pathways to sustainable development — is calling on the world leaders converging in Charlevoix, Quebec for the G7 Summit to take concerted, transnational action on climate change. The F20 group (taking its name from last year’s G20 meeting) is specifically calling for the following measures.
Incentivizing sustainability finance and green procurement
Many of the solutions required to combat climate change are already known. The challenge is to take existing solutions to a bigger scale and to do so at an accelerated pace. On this point, the role of finance is paramount. The F20 calls on G7 leaders to align their financial policies with their clean growth and climate commitments.
This includes providing incentives for greater investment in renewable energy, building retrofits, green infrastructure and sustainable job creation. It also includes requiring the disclosure of the economic risks posed by climate change and the actions being taken to mitigate those risks. The required transformation must leave no one behind and address climate risks to financial stability.
Removing fossil fuel subsidies
In 2009, the G20 committed to phasing out fossil fuel subsidies and eliminating tax preferences, noting that doing so by 2020 would reduce global greenhouse gas emissions in 2050 by 10%. In 2016, the G7 countries have for the first time set a deadline for the ending of most fossil fuel subsidies, saying government support for coal, oil and gas should end by 2025.
Subsidies encourage ongoing growth in the fossil fuel sector and give it an unfair advantage over renewables and energy efficiency efforts, and yet governments continue to provide billions in direct and indirect subsidies every year. The F20 calls on the G7 to fully implement subsidy phase-out commitments and to support sustainable social and environmental measures that will accelerate the transition to green economies. At a time when many governments are putting a price on pollution and carbon, it is counterproductive to be encouraging the further development of the fossil fuels sector.