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G7 nations agree to stop international financing of coal projects - communique

Reuters
·1-min read

LONDON (Reuters) - The group of seven advanced economies agreed on Friday to stop international financing of "unabated" coal projects by the end of this year, and eventually phase out such support for all fossil fuels, to meet globally agreed climate change targets.

"We stress that international investments in unabated coal must stop now and commit to take concrete steps towards an absolute end to new direct government support for unabated international thermal coal power generation by the end of 2021, including through Official Development Assistance, export finance, investment, and financial and trade promotion support," the G7 said in a communique after a two-day virtual summit.

(Reporting by Guy Faulconbridge and Elizabeth Piper, Editing by Paul Sandle)