Jun 13, 2021 - Energy & Environment

G7 leaders to announce plan to phase out gasoline cars

British Prime Minister Boris Johnson talks next to US President Joe Biden and French President Emmanuel Macron at the G7 summit in Carbis Bay on June 12, 2021 in Carbis Bay, Cornwall, England.
British Prime Minister Boris Johnson talks next to President Joe Biden and French President Emmanuel Macron at the G7 summit in Carbis Bay, Cornwall, England, on Saturday. Photo: Leon Neal/Getty Images

G7 leaders are set to announce Sunday a range of measures to tackle climate change, including "ending almost all direct government support" for fossil fuels and phasing out gasoline and diesel cars.

Driving the news: The plan was outlined in a British government announcement Saturday, which states that the leaders will also agree to halting "all unabated coal as soon as possible."

  • The White House announced in a separate statement Saturday that G7 leaders had "agreed to a set of concrete actions to accelerate the global transition away from coal generation as part of our efforts to combat the climate crisis."
  • The U.S., Canada, Germany and the U.K. had agreed to provide up to $2 billion in financing to help developing countries transition away from coal, the White House statement added.

Our thought bubble, via Axios' Andrew Freedman: Steps to accelerate the deployment of electric vehicles and ending subsidies for coal-fired power plants are no surprise, but there is pressure on leaders to go further toward these goals than they have in the past.

  • The developing world will also be eyeing any new financial pledges to help countries transition toward clean energy while coping with the effects of climate change.
  • Developed countries had promised $100 billion per year for these purposes starting in 2020, but funding remains well below that target.
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