End of fossil fuel era?
The G7 has called for a transformation of electricity generation towards renewables and nuclear by 2050.
And they said fossil fuel should not be burned in any sector of the economy by the end of the century.
Their targets are not binding – but they send a clear message to investors that in the long term economies will have to be powered by clean energy.
The world’s leaders have effectively signalled the end of the fossil fuel era that has driven economies since the Industrial Revolution.
This is a seismic shift – and an acknowledgement from the leaders, prompted by Angela Merkel, of the scale of the threat from climate change.