Economy

G7 nations vow to end funding for international fossil fuel projects by end of 2022

G7 calls on all countries for making more efforts to achieve climate targets

Gokhan Ergocun   | 27.05.2022
G7 nations vow to end funding for international fossil fuel projects by end of 2022

ISTANBUL

The G7 countries have “committed” to cease financing for international fossil fuel projects by the end of this year, a UK government statement said on Friday.

According to the statement, the G7 reaffirmed its target to mobilize $100 billion to support developing countries.

The G7 called on all countries to make more efforts to achieve climate targets.

Alok Sharma, a UK Cabinet Office minister and president of COP26, said: "We are equally united in the view that climate and environment security are absolutely synonymous with energy and national security and I cannot overstate that."

"Solving the global energy crisis and the chronic climate crisis requires the same solution, it’s about reducing our dependence on fossil fuels, as part of a managed transition," he added.

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