Get 40% Off
🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

G7 discussing 2035 end date for coal-fired power plants, source says

Published 29/04/2024, 09:44
© Reuters. FILE PHOTO: Smoke and steam billow from Belchatow Power Station, Europe's largest coal-fired power plant powered by lignite, operated by Polish utility PGE, in Rogowiec, Poland, November 22, 2023. REUTERS/Kacper Pempel/File Photo

TURIN (Reuters) - Energy ministers from the Group of Seven wealthy countries meeting in Italy are discussing setting a common target date of 2035 to shut down their coal-powered power plants, a source close to the matter told Reuters on Monday.

An agreement on coal would mark a significant step in the direction indicated by the COP28 United Nations climate summit in Dubai last year to transition away from fossil fuels, of which coal is the most polluting.

Diplomatic negotiators for the G7 nations - Italy, the United States, Britain, France, Germany, Canada and Japan - discussed the issue until late on Sunday, with one country still opposing the move, said the source, who asked not to be named.

The energy ministers' meeting hosted by Italy, which holds the rotating G7 presidency this year, runs on Monday and Tuesday in the 17th century Venaria palace, a former royal residence outside Turin.

Demonstrators gathered in Turin on Sunday evening, setting fire to pictures of G7 leaders they say are not doing enough to fight climate change, and chanting slogans including "Them 7, us 99%".

As well as seeking a deal on ending coal in electricity generation, Rome also aims to spur efforts to develop battery storage capacity and boost investment in power grids, two sources said, as the G7 increases its renewable energy output.

The G7 bloc could indicate the need for a six-fold increase in battery capacity - critical to store renewable energy, which is intermittent - by 2030 from 2022 levels, one of the sources said.

Nuclear energy and biofuels are two other issues at the top of Italy's agenda for the meeting, and it wants to see both energy sources in the final communique among options G7 nations can pick to cut their use of fossil fuels in power generation and transport, the sources said,

The right-wing Italian government says nuclear energy should play a part in meeting the country's 2050 net-zero emissions target, even though nuclear power was rejected in a 2011 national referendum.

© Reuters. FILE PHOTO: Smoke and steam billow from Belchatow Power Station, Europe's largest coal-fired power plant powered by lignite, operated by Polish utility PGE, in Rogowiec, Poland, November 22, 2023. REUTERS/Kacper Pempel/File Photo

Energy Minister Gilberto Pichetto Fratin said on Sunday that Rome hoped to persuade the European Commission "to recognise that biofuels can significantly reduce (carbon dioxide) emissions from vehicles".

Italy's energy ministry declined to comment on the issues being negotiated at the Turin G7 meeting.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.