A meeting held in Ise-Shima, Japan, on May 26-27, 2016 saw leaders from the UK, US, Canada, France, Germany, Italy, Japan, and the European Union issue a joint statement commit to taking an early lead in driving development towards the Paris Agreement goals. In addition to the individual nation’s assurances that they would take the necessary steps to secure rapid ratification of the Agreement but also accelerate the implementation of their national climate action plans (“Nationally Determined Contributions”), also calling for all committed parties to expedite their own plans to ensure the Agreement can enter into force in 2016. Furthermore, the G7 countries promised to set a leading example in the next phase of development strategies, announcing their mid-century, long-term strategies well ahead of the 2020 deadline.

The nations’ also touched on the private sector’s role in driving this development, noting the crucial role which it plays in, what the G7 have dubbed, Mission Innovation. In support of this, the statement calls for increased support of the private sector by means of incentives for emission reduction activities, including domestic policies and carbon pricing. Among the means of achieving this, the statement noted the welcome launch of the Carbon Market Platform. One considerable area of support will be that of energy production where the G7 nations committed to facilitating investment, calling on relevant stakeholders to hold strong in their efforts despite unfavorable market conditions, particularly in infrastructure and upstream development, to ensure the energy system will not pose a threat to future economic growth.

Another measure taken to improve sustainability within the energy sector was the leaders’ restated resolution to cease and entirely eliminate fossil fuel subsides by 2025, encouraging other countries to join them in halting the inefficient polies upholding the outdated energy systems and directing attention instead to renewable energy sources and enhanced energy efficiency.

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