G-7 leaders will work with partners to establish a “Climate Club” by the end of this year, according to the communique from their latest meeting.
Published Tuesday, the document said leaders were committed to “a highly decarbonised road sector by 2030” as well as “a fully or predominantly decarbonised power sector by 2035.”
In addition, leaders said they would prioritize what they called “concrete and timely steps towards the goal of accelerating phase-out of domestic unabated coal power.”
Details of the communique come at the end of what was a hotly anticipated summit in Elmau, near Munich in Germany.
The meeting takes place at a time of significant geopolitical and economic turbulence, with Russia’s invasion of Ukraine and volatile oil and gas prices casting a long shadow over proceedings.
The communique’s summary touched upon the current state of energy markets, and also referenced the potential use of price caps going forward.
“We will take immediate action to secure energy supply and reduce price surges driven by extraordinary market conditions, including by exploring additional measures such as price caps,” it said.
“We reaffirm our commitment to phase out our dependency on Russian energy, without compromising on our climate and environmental goals.”