The leaders of seven of the world’s most advanced economies have committed to phasing out fossil fuels by the end of the century. They have also agreed to reduce global greenhouse gas emissions near the upper end of a 40% to 70% range by 2050, compared to 2010 levels, as recommended by the Intergovernmental Panel on Climate Change (IPCC). These represent the most ambitious international climate change commitments to date and they are being met with reserved optimism among climate change campaigners, including Greenpeace, Avaaz and the David Suzuki Foundation.
The G7 represents more than 64% of net global wealth ($263 trillion), 46% of the global GDP, and 32% of the global purchasing power. If these countries maintain their commitments and ‘act together,’ as per the title of their declaration, the agreement would represent a turning point in global climate action and contribute significant momentum in the lead up to COP21 in Paris.