Dear climate, trillions of dollars are needed to comply with the Paris Agreement

Meanwhile, the G7 is committed to a 75% reduction in emissions from methane and fossil fuels

VENARIA (TURIN) – The G7 countries officially recognize that trillions of dollars will be needed to achieve the goals of the Paris Agreement.In the final statement of G7 Climate Energy Environment in progress in Venaria Reale (Turin), we read:“We underline the continued importance of increasing public financing, grants and concessional credit, improving access to climate finance and promoting increased private financing.We emphasize that these efforts are part of a broader global effort to empower and align public and private finance from all sides to mobilize the trillions of dollars needed to achieve the goals of the Paris Agreement and to seize the opportunity to accelerate climate resilience, growth aligned to the +1.5 degree target and support the implementation of the results of the GST (Global Stocktake, a comprehensive assessment of the world's progress on climate action:anchored in Article 14 of the Paris Agreement, is intended to inform the parties to the agreement on their progress towards its objectives, including but not limited to limiting the global temperature increase to 1.5 degrees, ed.), as well as the ambitious NDCs (nationally determined contributions, ed.) and national adaptation plans aligned to the +1.5 degree limit.

The G7 pledges to “pursue a collective effort towards a 75% reduction in global methane emissions from fossil fuels, including by reducing the methane emissions intensity of oil and gas operations by 2030, through the development of robust methodology and the use of measured data, and work with non-G7 producing countries to reduce intensity of methane emissions from imported fuels recognizing the IEA emissions reduction scenario”.

The G7 intends “accelerate measures on methane in line with the level of global reduction of at least 35% of methane emissions by 2035 reflected in the IPCC scenarios of 1.5 degrees maximum global average temperature increase” and “accelerate measures on methane emissions and support countries developing in reducing methane emissions from the waste sector, including through improving resource efficiency and the circular economy” and “improving landfill management, to help achieve global targets available reduction potential of methane emissions from the waste sector estimated at 30-35% by 2030”.

The G7 also wants to “improve data transparency and accuracy, using satellite observation data and supporting the work of UNEP's International Methane Emissions Observatory” and “significantly reduce all flaring activities well, into the atmosphere, ed.) and venting (release into the atmosphere, ed.) by 2030, inviting the G7 gas supplier countries to do so".