Mandatory Climate Disclosure

G7 climate and environment ministers are urging the implementation of mandatory climate-related financial disclosures as a necessary step to accelerate sustainable finance and help achieve global climate goals, according to the communique released by the ministers following the G7 Ministers’ Meeting on Climate, Energy and Environment in Sapporo, Japan this weekend.

The meeting brought together energy and climate officials from Canada, the EU, France, Germany, Italy, Japan, the UK, and the US to discuss climate, energy and environmental issues, including commitments and initiatives targeting the achievement of environmental global sustainability goals such as accelerating the clean energy transition to net-zero greenhouse gas (GHG) emissions by 2050, and halting and reversing biodiversity loss by 2030.

The communique also included new commitments to significantly increase the deployment of renewable energy capacity this decade and eliminate plastic pollution by 2040. Negotiators succeeded in including a commitment to accelerate the phase-out of unabated fossil fuels, initially opposed by Japan, which relied on fossil fuels for 75% of its energy mix as of 2020.