Photo: Tom Fisk | Pexels
The world's seven largest advanced economies will stop international financing of carbon-emitting coal projects by the end of this year -- and phase out support for fossil fuels. Stopping fossil fuel funding is seen as a major step to limiting global temperature rise to 1.5 degrees Celsius above pre-industrial times and avoid the most devastating impacts of climate change. The G7 -- the U.S., Britain, Canada, France, Germany, Italy and Japan -- plus the European Union also agreed to speed up deployment of zero emission vehicles and decarbonizing the power sector in the 2030s.
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