Friday 27 May 2016

G7 commits to accelerate energy transition

The G7 leaders have committed to accelerate the transition towards a low carbon energy system to decarbonise the global economy.

In a joint statement, the seven biggest economies of the world recognised the "important role of the implementation of the Paris Agreement" and pledged to facilitate energy investments and encourage stakeholders “despite the increased uncertainty posed by the current energy price levels”.

The G7 nations insist they support programmes like Mission Innovation which aims to invest in green technologies.

They have also committed to further investments in supporting innovation in energy technologies and encouraging clean and energy efficient products, facilities and buildings to ensure economic growth and reduce emissions.

They added: "We support the enhanced efforts on energy efficiency and use of renewable energy, including hydro as well as other domestic resources."

They have also committed to take action to enhance the gas sector "with greater transparency and flexibility" as well as "furthering a strategic view of the LNG supply chain at a global level".

They added: "We also commit to our continuous work on enhancing cybersecurity in energy sector and strengthening our cooperation in the field of electricity security."

The leaders have also "welcomed" the progress on decommissioning and treatment of contaminated water at Fukushima Daiichi Nuclear Power Station and "Japan’s efforts to proceed in an open and transparent manner in close communication with the international community, towards developing accurate global understanding of the situation in Fukushima".