I've been delighted to co-chair the G7 Climate and Environment Ministerial over the last two days, and I would like to extend my heartfelt thanks for all G7 partners and guests countries who've contributed so much over the last couple of days,
This event, which is a major stepping stone before we host the leaders G7 in Cornwall next month, has been dedicated to accelerating action within the G7 to tackle the twin challenges of climate change, and biodiversity loss, and we have seen substantial progress this week, notably on one of my personal priorities: ending coal.
The G7 are united on the need to build back greener for the pandemic by putting climate, biodiversity and the environment at the heart of the worldwide COVID-19 recovery strategies and investments, and we are all committed to limiting global warming and keeping 1.5 degrees alive.
The IEA report that I commissioned delivered a stark reminder of our need for urgent action this week.
I am proud that we are the first net zero G7, and to deliver on this we have all agreed to accelerate the transition away from dirty coal capacity to an overwhelmingly decarbonized power system in the 2030s.
We're also committed to phasing out international fossil fuel finance, beginning with an end to all new direct government support for international coal power by the end of 2021. This commitment I believe sends a clear signal to the world that coal is on the way out.
On finance, the G7 has reaffirmed the goal to jointly mobilise $100 billion annually through to 2025, agreeing to increase climate finance and funds directed towards projects protecting vulnerable people who are already feeling the effects of climate change.
And I'm encouraged by our shared commitment to deliver more finance to support developing countries, ahead of COP26. We will now of course hand the baton over to our finance ministers, and then leaders next month.
But without all nations, particularly the biggest emitters, we will not reduce emissions sufficiently to keep 1.5 degrees within reach.
We know there is more to be done to build on this progress ahead of COP26 in Glasgow later this year. And I'm sure that all of my G7 colleagues will join me in calling on all countries to follow suit.
This demonstrates what we can achieve when we come together, and I'd like to handover to the Environment Secretary, George Eustice.
