None of the G7 members are on track to meet their existing emission reduction targets for 2030, according to a new analysis released on Tuesday. The analysis by Climate Analytics, a global climate science and policy institute, comes ahead of the G7 climate, energy, and environment ministers' meeting in Venaria Reale, Italy, during April 28-30.
The G7 collectively aims to achieve a 40-42 per cent emission reduction by 2030 but existing policies suggest that it will likely achieve only 19-33 per cent by the end of this decade, the analysis showed. This is at best around half of what is needed and would lead to greenhouse gas emissions in 2030 exceeding a 1.5 degrees Celsius compatible level by around four gigatonnes of carbon dioxide equivalent.
Such a shortfall in ambition does not provide the leadership signal needed from the world's richest countries, making up around 38 per cent of the global economy and responsible for 21 per cent of total greenhouse gas emissions in 2021, the researchers said.
The G7 economies need to slash their emissions by 58 per cent by 2030 compared to the 2019 levels to do their part to limit warming to 1.5 degrees Celsius, they said.
“These economies, who make up 38 per cent of the world's GDP, are not pulling their weight: they have both the technology and the finance to up their game.”
