G7 leaders have prioritised a ‘decarbonisation of the global economy’ by backing a 70% reduction in carbon emissions by 2050 and pledged to develop resource efficient policies.
The international group went further at its summit in Germany by agreeing that polluting gases from burning oil, gas or coal must all be cancelled out by carbon-capture or other technologies by 2100,
It pledged to raise $100bn (£66bn) a year by 2020 from public and private sources to help developing countries achieve these targets.
Leaders, including Prime Minister David Cameron (above) said in a statement: “We commit to doing our part to achieve a low-carbon global economy in the long-term including developing and deploying innovative technologies striving for a transformation of the energy sectors by 2050 and invite all countries to join us in this endeavour.”
The group, comprising the UK, Germany, US, Italy, Japan, France, Canada, wants to develop a new climate agreement during the Paris Climate Summit in early December that would limit global warming to less than 2 degrees Celsius.
It is establishing the G7-Alliance on resource efficiency, a business forum to share knowledge, promote best practices and foster innovation.
Nation leaders said: “We acknowledge the benefits of collaborating with developing countries on resource efficiency, including through innovative public private partnerships.”
The statement also said the group would build on 2008’s ‘Kobe 3R Action Plan’, which prioritised reducing use of disposable plastic bags and facilitating the import of hazardous waste from developing to developed nations.
It said: “We will continue to take ambitious action to improve resource efficiency as part of broader strategies to promote sustainable materials management and material-cycle societies.”