Berliner Boersenzeitung - G7 urged to be 'bold' in climate hotspot Italy

EUR -
AED 4.280203
AFN 77.000073
ALL 96.57559
AMD 443.823316
ANG 2.086262
AOA 1068.739166
ARS 1671.282351
AUD 1.755774
AWG 2.097853
AZN 1.98038
BAM 1.956318
BBD 2.346322
BDT 142.527767
BGN 1.954785
BHD 0.439375
BIF 3442.01206
BMD 1.165474
BND 1.5091
BOB 8.050133
BRL 6.360338
BSD 1.164909
BTN 104.741102
BWP 15.477101
BYN 3.349173
BYR 22843.286986
BZD 2.342911
CAD 1.610941
CDF 2601.337209
CHF 0.937187
CLF 0.027427
CLP 1075.962229
CNY 8.240016
CNH 8.238437
COP 4478.461378
CRC 569.050786
CUC 1.165474
CUP 30.885056
CVE 110.295172
CZK 24.239177
DJF 207.444969
DKK 7.468665
DOP 74.559757
DZD 151.547804
EGP 55.36114
ERN 17.482107
ETB 180.69398
FJD 2.630941
FKP 0.873749
GBP 0.874746
GEL 3.140953
GGP 0.873749
GHS 13.251455
GIP 0.873749
GMD 85.079658
GNF 10122.638857
GTQ 8.923479
GYD 243.723536
HKD 9.068365
HNL 30.68213
HRK 7.537128
HTG 152.500409
HUF 382.475294
IDR 19452.9819
ILS 3.756907
IMP 0.873749
INR 105.10185
IQD 1526.097836
IRR 49081.01224
ISK 148.982371
JEP 0.873749
JMD 186.459408
JOD 0.826376
JPY 181.18333
KES 150.637314
KGS 101.920781
KHR 4664.235923
KMF 491.829497
KPW 1048.92586
KRW 1710.636421
KWD 0.357768
KYD 0.970853
KZT 589.13358
LAK 25261.585409
LBP 104320.495171
LKR 359.323672
LRD 205.036969
LSL 19.743447
LTL 3.441342
LVL 0.704984
LYD 6.332678
MAD 10.759551
MDL 19.821167
MGA 5196.37693
MKD 61.591075
MMK 2447.025873
MNT 4134.371135
MOP 9.341635
MRU 46.45531
MUR 53.751762
MVR 17.95086
MWK 2020.035266
MXN 21.197224
MYR 4.795336
MZN 74.485711
NAD 19.743447
NGN 1690.751905
NIO 42.871176
NOK 11.786181
NPR 167.583406
NZD 2.015885
OMR 0.448105
PAB 1.165009
PEN 3.915838
PGK 4.943289
PHP 68.783904
PKR 326.59264
PLN 4.230548
PYG 8012.123043
QAR 4.24628
RON 5.089639
RSD 117.393521
RUB 89.601892
RWF 1694.949126
SAR 4.375093
SBD 9.59254
SCR 15.753107
SDG 701.037435
SEK 10.947267
SGD 1.511124
SHP 0.874407
SLE 27.621604
SLL 24439.401222
SOS 664.576099
SRD 45.02106
STD 24122.955112
STN 24.506389
SVC 10.193657
SYP 12886.454671
SZL 19.728228
THB 37.129082
TJS 10.68857
TMT 4.090813
TND 3.41735
TOP 2.806181
TRY 49.586523
TTD 7.897872
TWD 36.329569
TZS 2855.410928
UAH 48.906159
UGX 4121.074317
USD 1.165474
UYU 45.56266
UZS 13936.752734
VES 296.673618
VND 30723.638259
VUV 141.443193
WST 3.250054
XAF 656.130861
XAG 0.019942
XAU 0.000277
XCD 3.149751
XCG 2.099547
XDR 0.816016
XOF 656.130861
XPF 119.331742
YER 278.023491
ZAR 19.796503
ZMK 10490.655378
ZMW 26.933137
ZWL 375.282096
  • BCC

    -1.2100

    73.05

    -1.66%

  • GSK

    -0.1600

    48.41

    -0.33%

  • BP

    -1.4000

    35.83

    -3.91%

  • AZN

    0.1500

    90.18

    +0.17%

  • BTI

    -1.0300

    57.01

    -1.81%

  • RBGPF

    0.0000

    78.35

    0%

  • CMSC

    -0.0500

    23.43

    -0.21%

  • NGG

    -0.5000

    75.41

    -0.66%

  • SCS

    -0.0900

    16.14

    -0.56%

  • RIO

    -0.6700

    73.06

    -0.92%

  • JRI

    0.0400

    13.79

    +0.29%

  • CMSD

    -0.0700

    23.25

    -0.3%

  • RYCEF

    -0.0500

    14.62

    -0.34%

  • BCE

    0.3300

    23.55

    +1.4%

  • RELX

    -0.2200

    40.32

    -0.55%

  • VOD

    -0.1630

    12.47

    -1.31%

G7 urged to be 'bold' in climate hotspot Italy
G7 urged to be 'bold' in climate hotspot Italy / Photo: MARCO BERTORELLO - AFP

G7 urged to be 'bold' in climate hotspot Italy

G7 environment ministers gathered in Turin on Monday for two days of talks, as the UN warned "excuses" for failing to take bold actions on climate change were "not acceptable".

Text size:

The Group of Seven meeting in the northern Italian city is the first big political session since the world pledged at the UN's COP28 climate summit in December to transition away from coal, oil and gas.

UN climate chief Simon Stiell kicked off the talks by urging the highly industrialised countries to use their political clout, wealth and technologies to end fossil fuel use.

"I often hear in forums like this one that, 'we cannot possibly move too far forward, lest we predetermine the outcome of negotiations'" at the UN level, Stiell told the ministers.

"It is utter nonsense to claim the G7 cannot -- or should not -- lead the way on bolder climate actions," said Stiell, who leads the United Nations climate change organisation.

The talks come as a new report by a global climate institute shows the G7 -- which includes Canada, France, Germany, Italy, Japan, the UK and the US -- is falling far short of its targets.

Hundreds of protesters demonstrated in Turin on Sunday, some burning photos of the G7 leaders who they accused of failing future generations over the climate crisis.

Environmentalists want to know how the ministers intend to follow through on pledges, such as the agreement at COP28 in Dubai to double energy efficiency rates and triple renewable capacity by 2030.

They also want a bold deadline on ending fossil fuel use.

France is expected to push for the G7 to phase out coal by 2030, but Japan is reluctant to set a date.

Germany -- Europe's biggest emitter of greenhouse gases -- is unwilling to wean itself off gas, as is Italy.

- 'Quantum leap' -

Rome, which holds the G7 rotating presidency this year, says it wants Turin to be "a strategic link" between last year's UN climate talks and COP29, which will take place in November in Azerbaijan.

Italy, a climate change hotspot vulnerable to wildfires, drought and glacier retreat, is putting "biodiversity, ecosystems, warming seas" high on the agenda, according to Italian Environment and Energy Security Minister Gilberto Pichetto Fratin.

Ministers are discussing "renewables, energy efficiency, phasing out fossil fuels" as well as "research for next-generation nuclear power, fusion, the circular economy, critical raw materials, biofuels," he said Monday.

The talks will stress the need to diversify sources of critical materials key to renewable energy systems, as well as minerals reuse, in a bid to stop overreliance on China, which dominates in green technologies.

Canada, France, Germany and the UK are pushing for a global treaty to reduce plastics pollution, and are expected to use the G7 to rally a reluctant US and Japan.

Together the G7 makes up around 38 percent of the global economy and was responsible for 21 percent of total greenhouse gas emissions in 2021, according to the Climate Analytics policy institute.

Not one member of the group is on track to meet existing emission reduction targets for 2030, on track instead to cut them by "at best around half of what is needed", a report by the institute said last week.

Climate watchers hope for a ramping up of support for less developed countries in decarbonising their industrial production, with experts advising on particularly tricky sectors, like cement and steel.

There may be commitments on more funds for adaptation to climate change, and Italy said the G7 would discuss "innovative" financing models amid calls for more accessible finance for vulnerable countries.

The UN's Stiell said the G7 needed to see "a quantum leap in climate finance as core business".

"'Challenging budget conditions' is not an acceptable excuse for failing to deliver substantial new public climate finance pledges," he told the ministers.

(B.Hartmann--BBZ)