G-7 nations to agree on first half of 2030s for coal phase-out

Group of Seven nations have agreed to target the first half of 2030s to phase out coal, according to the UK’s energy and nuclear minister, a key milestone for some of the world’s most industrialized economies seeking to switch to more sustainable fuels.

“To have the G-7 nations come around the table and send that signal to the world, that we, the advanced economies of the world, are committing to phasing out coal by the early 2030s is quite incredible,” Andrew Bowie told Class CNBC, calling the agreement “historic.”

The nations — the US, UK, Germany, France, Canada, Japan and Italy — agreed on the date after talks on Monday held under Italy’s presidency. The target is expected to form part of the final communique, and was not yet officially confirmed by Italy.

The G-7 ministerial meeting held in Turin is a pivotal moment for nations looking to chart a sustainable path ahead for their energy needs after Russia’s invasion of Ukraine upended supply and demand equilibria that had been in place for years.

Bloomberg News reported last week that Germany had been blocking a push, led by Italy, to include nuclear power in the final communique as well.

(By Alberto Brambilla and Donato Paolo Mancini)