The Group of Seven (G7) nations meeting in Japan on Saturday affirmed their goal of a highly decarbonised road sector by 2030 and net zero emissions on roads by 2050.
The world’s leading industrialised democracies said they are aiming for 100 per cent or a vast majority sales of zero emission vehicles in the light duty class by 2035.
The G7 is also focusing on 100 per cent electric vehicles in new passenger car sales by 2035 and promoting infrastructure and sustainable carbon-neutral fuels as part of their transition strategies.
“We note the opportunities that these policies offer to contribute to a highly decarbonised road sector, including progressing towards a share of over 50 per cent of zero emission LDVs (light duty vehicles) sold globally by 2030,” the statement said.
The G7 also aims to cut carbon dioxide emissions from its vehicle stock by at least 50 per cent by 2035 or earlier relative to the level in 2000.
Countries are intensifying efforts to limit global warming amid a growing threat to the environment. The US and the EU aim to reach net zero by 2050.
Investment in renewable energy technology globally hit a record of $1.3 trillion last year.
However, that figure must rise to about $5 trillion annually by 2030 to meet the Paris accord target of limiting temperature increases to 1.5°C above pre-industrial levels, Abu Dhabi-based International Renewable Energy Agency said in its World Energy Transitions Outlook 2023 preview in March.
The G7 reaffirmed its goals of zero emissions in international aviation and shipping by 2050.
It also repeated its commitment to the “developed country parties’ goal of jointly mobilising $100 billion annually in climate finance by 2020 through to 2025.”
“We stress the importance of mobilising finance, especially including private finance focusing on further implementation and development of clean technologies and activities,” it said.
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More investments are needed in climate technologies, which can help create an economic development model focused on cutting emissions while ensuring growth, according to Dr Sultan Al Jaber, President-designate of the Cop28 summit.
“With the right policies stimulating the right investments, climate technologies could at least double their contribution to global growth, while removing 25 billion tonnes of carbon emissions annually,” Dr Al Jaber told the UAE Climate Tech forum this month.
Access to cheaper capital will play a significant role in boosting financing for energy transition projects in G20 countries, while collaboration between public and private sectors will help serve as a catalyst for institutional capital flows, the International Renewable Energy Agency said in a report last week.
