G7 Strengthens the Case for Fossil Fuel Divestment and Keeping Carbon in the Ground

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Reaction from 350.org to the G7 announcement today

G7 leaders released a climate communique today that lacks in crucial details, but the broad strokes of which will help strengthen the case for fossil fuel divestment and keeping coal, oil and gas in the ground.

“The G7 is sending a signal that the world must move away from fossil fuels, and investors should take notice,” said 350.org executive director May Boeve. “If you’re still holding onto fossil fuel stocks, you’re betting on the past. As today’s announcement makes clear, the future belongs to renewables.”

The agreement affirms the need to decarbonize the global economy over the course of the century, decarbonizing the G7’s own energy sectors by 2050. Decarbonization should proceed at a faster pace, but even the current targets will require a massive shift of investments away from fossil fuels and towards renewable energy. The 2050 target also acknowledges the importance of rich countries leading this transition while providing the resources necessary for developing countries to leapfrog dirty energy sources. As resources flow in the right direction, and the price of renewables continues to drop, the world must get off fossil fuels completely as soon as possible.

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