G7 summit: 3 key takeaways for net zero action, nature and the circular economy
The G7 summit, held annually, sets the tone for subsequent diplomatic engagements and paves the way for efforts to tackle the climate crisis. In 2023, the summit brought together the heads of state of the US, UK, Canada, Germany, France, Italy, Japan and the European Union, and its outcomes hold important implications for decarbonising global economies and achieving Paris Agreement targets.
The summit produced several notable agreements. Firstly, G7 leaders agreed to phase out unabated fossil fuels to achieve net-zero in energy systems by 2050. This language is the strongest yet seen from global leaders regarding the phase-out of fossil fuels. However, there was criticism that the G7 did not go far enough, with no commitment to a fully decarbonised power sector by 2035. Secondly, G7 leaders committed to significantly accelerate the deployment of renewable energies, including an increase in offshore wind capacity of 150GW by 2030 and a collective increase of solar PV to over 1TW by 2030. Finally, G7 ministers pledged to end plastic pollution by reducing additional plastic pollution to zero by 2040 through measures such as phased-out single-use and non-recyclable plastics.
These agreements offer a significant step up in global ambitions to phase out fossil fuels, accelerate renewable energy production, and end plastic pollution. However, they need to be implemented effectively to bring about the necessary reduction in greenhouse gas emissions and limit warming to 1.5°C above pre-industrial levels. As the G7 represents 40% of the global economy and accounts for 25% of global energy-related CO2 emissions, these commitments are essential in moving towards net-zero, circular, climate-resilient, pollution-free, and nature-positive economies.
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To support these commitments, sustainability needs to be integrated into the heart of global economic systems to ensure long-lasting and effective change. Governments need to work alongside businesses, society, and stakeholders to achieve real systemic transformation towards a more sustainable future. The World Economic Forum is one body working to translate commitments into action, specifically through the Global Plastic Action Partnership, which aims to drive the transition to a circular plastics economy on a global, regional, and national level.
Overall, the agreements reached at the G7 show welcome progress and greater levels of ambition towards a more sustainable future. However, we must also acknowledge that there is still a long way to go to decarbonise global economies, accelerate renewable energy production, and end plastic pollution. We should remain vigilant and ensure that these commitments are implemented effectively, so that together we can protect the planet and tackle the climate crisis.