The G7 sets a collective target to increase wind and solar capacity by 2030

The G7 nations (United States, Canada, United Kingdom, France, Germany, Italy and Japan) have set a new collective target for renewable energy by 2030 and reiterated their ambition to achieve net zero in energy systems by 2050 at the latest. At the Sapporo G7 summit in northern Japan, the members have pledged to collectively increase offshore wind capacity by 150 GW and solar capacity by more than 1 TW by 2030. For comparison, as of end-2021, the G7 nations collectively had installed 21 GW of offshore wind installed capacity and 292 GW of solar capacity.

The G7 countries simultaneously agreed to accelerate the phase-out of unabated fossil fuels but stopped short of endorsing a 2030 deadline for phasing out coal. The countries agreed to prioritise “concrete and timely” steps towards accelerating the phase-out of domestic and unabated coal generation, but could not agree on a specific date.

They also left the door open for new investment in the gas sector, stating that it could be “appropriate” to address potential market shortfalls provoked by the crisis in Ukraine. New gas investments would nonetheless have to be implemented in a manner consistent with climate objectives. The members reiterated their commitment, made in 2022, to achieve at least a predominantly decarbonised power sector by 2035. They also set a 2040 target for reducing additional plastic pollution to zero, bringing the target forward by a decade.

In addition, the US, UK, France, Canada and Japan have reached a nuclear fuel agreement aimed at displacing Russia from the international nuclear energy market. The five countries plan to leverage the respective resources and capabilities of their civil nuclear power sectors to undermine Russia’s influence on supply chains.