G7 to set up Climate Club
As an intergovernmental forum, the Climate Club will be open to all countries committed to full implementation of the Paris Agreement and the resolutions subsequently adopted on this basis. Partners such as the major emitters, the G20 and developing and emerging countries are invited to intensify discussions and consultations with the G7 on this matter.
Federal Chancellor Scholz: “We’re in agreement”
“We’re in agreement,” said Federal Chancellor Olaf Scholz at the end of the three-day summit in Schloss Elmau: “We need to be more ambitious if we want to meet our climate targets”. Scholz said that the Climate Club was the G7’s contribution in this area, adding that the forum would be based on three pillars:
- advance ambitious and transparent climate mitigation policies to reduce emission intensities on the pathway towards climate neutrality
- transform industries jointly to accelerate decarbonisation,
- establish international partnerships to encourage and facilitate climate action and promote a just energy transition.
Each G7 member will appoint ministers responsible for developing comprehensive terms of reference. They are to reach out to interested partners. The ministers are to report to G7 leaders for approval of the next steps to establish the Climate Club by the end of 2022. The Organisation for Economic Cooperation and Development (OECD), the International Monetary Fund (IMF), the International Energy Agency (IEA) and the World Trade Organization (WTO) are invited to support this process.