Financial Services Association, April 30 (Editor Niu Zhanlin) According to several Western officials, the Group of Seven (G7) has agreed to phase out coal by the early 2030s, which is a key milestone for these economies seeking to switch to more sustainable fuels.

On Monday local time, Italy's energy minister Gilberto Pichetto Fratin, who is presiding over the G7 ministerial meeting in Turin, said, “A technical agreement has been reached, and we will finalize the final political agreement on Tuesday.”

By Tuesday, G7 countries' energy ministers will issue a final communiqué detailing how these countries can achieve their commitments to decarbonize.

Pichetto also claimed that ministers are also considering restricting Russian exports of liquefied natural gas to Europe, a proposal made by the European Commission.

He told the media that this issue is already on the G7 technical and political agenda. He did not disclose the details of the discussions, but promised that once a final decision is made, it will be notified.

Nuclear energy and biofuels are Italy's other two most important topics at this conference. Pichetto said that both topics will be mentioned in the final communiqué as ways G7 countries can choose to decarbonize the electricity supply and transportation sectors.

Furthermore, British Energy and Nuclear Secretary Andrew Bowie also said on the same day: “G7 countries are sitting at the negotiating table to send this kind of signal to the world. Our developed economies promise to phase out coal by the early 2030s. This is very unbelievable.” Bowie called the agreement “historic.”

A source said that G7 may also be released on Tuesday. By 2030, battery energy storage capacity will need to increase sixfold from 2022 levels, which is critical for storing renewable energy.

Phasing out coal

The agreement on coal marks an important step in the direction indicated by the United Nations Climate Change Conference last year, which is to phase out fossil fuels, particularly the most polluting coal.

Last year, Italy generated 4.7% of its total electricity from a few coal-fired power plants, and the government is currently planning to shut down these plants by 2025.

In Germany and Japan, coal plays an even greater role. Coal-fired power generation accounted for more than 25% of total electricity generation last year.

In fact, as early as 2022, at the G7 energy, climate, and environment ministers meeting, the G7 first promised to phase out coal-fired power generation. The draft communiqué originally set a goal of stopping coal power generation by 2030, but due to opposition from the US and Japan, the final communiqué did not promise a specific time.