G7 Commitment to Create a Net Zero Economy by 2050

G7, a group of major IMF-advanced global economies, are uniting for the safe future of mankind. They have set a clear and encouraging roadmap to achieve a net zero target globally by 2050. They have accepted the Comprehensive Roadmap prescribed by the International Energy Agency (IEA) for the global energy sector. The leaders of G7 (the United Kingdom, the United States, Canada, Italy, France, Japan, and Germany) reiterated their commitment to intensify the battle against climate change to achieve the common goal.

They have shown their full commitment towards the critical and formidable goal set in IEA’s summit. Strong policy actions have been taken to move forward on this difficult but achievable route to answer the energy security paradigm. These economies have also committed to further increase their clean energy financing share to developing economies of the world. This will help developing economies to take effective policy reforms toward clean energy transition.    

To achieve the dream of a carbon-free ecosystem, the G7 group propelled its efforts to lower GHG emissions from various industries including the energy sector, transportation system, and agricultural setup since 2021. To keep a check and counterbalance the biosphere, they are promoting reforestation and carbon capture initiatives. They have committed themselves to roll out ‘Roadmap to Net Zero by 2050’ in May 2021 as it will help them to come out from the trap of carbon and have sustainable living.

The comprehensive guide recommends the promotion of investment toward supporting clean energy systems and green employment generation. This has motivated investors to focus on the prevailing renewable energy system promotion as a priority by including hydroelectric power, wind, solar, etc.

The Paris Agreement has kept a close check on global warming. Over time, the world has shifted its focus to limit temperature in place of carbon emissions reduction. The involvement of scientific research is a significant move that has revealed the need for a carbon-zero approach to counter the evil impacts on natural resources due to extreme weather events. Thus, G7 leaders have committed themselves to a positive transition towards a carbon-free world which is parallelly supported by international agencies for a green future on beautiful earth.