The Group of Seven major industrialized countries announced Friday they would end fossil fuel subsidies by 2025 in an attempt to lead the world toward further action against climate change.
In an announcement from Japan, the leaders of the G-7 said the burning of fossil fuels results in greenhouse gases being released into the atmosphere. Many scientists blame greenhouse gas emissions for causing manmade climate change and the subsequent warming of the globe.
“Given the fact that energy production and use account for around two-thirds of global [greenhouse gas] emissions, we recognize the crucial role that the energy sector has to play in combating climate change,” the leaders of the seven nations said. “We remain committed to the elimination of inefficient fossil fuel subsidies and encourage all countries to do so by 2025.”
Reports indicate the United States gives up to $17.2 billion in fossil fuel subsidies annually.
The G-7 is made up of the United States, Canada, France, Germany, the United Kingdom, Italy and Japan.
The leaders of each country pledged to take a leading role in implementing the Paris Agreement on climate change. That includes ratifying the agreement this year so it can enter into force as soon as possible.
The group also pledged to work together to strengthen the security of liquefied natural gas in Japan and Europe and wants to make sure energy sources are not a part of the Russian-Ukraine conflict.
