In a groundbreaking move, the G7 nations have reached a landmark accord to gradually eliminate coal usage by the early 2030s, as announced today.

Representatives from the G7 member states – including Canada, France, Germany, Italy, Japan, the UK, and the US, along with the EU – are currently convening in Turin, Italy. This summit marks a significant political gathering following the monumental COP28 conference last December, during which the global community committed to transitioning away from reliance on fossil fuels.

Andrew Bowie, a key figure in the UK’s Department for Energy Security and Net Zero, confirmed this pivotal development to Class CNBC.

Statistics from the energy think tank Ember reveal that in 2023, G7 nations derived 16% of their electricity from coal, a notable decline from the 29% recorded in 2015.

Notably, Japan leads the pack with a 32% share of coal-generated electricity in 2023, closely followed by Germany at 27%. Meanwhile, the US aligns with the G7 average of 16%, with other member nations having largely phased out coal: France (0.4%), the UK (1.4%), Canada (5%), and Italy (5.3%).

Ember’s Global Insights program director, Dave Jones, hailed the agreement as another significant step towards diminishing coal’s role in energy production. Jones emphasized the protracted nature of the journey toward coal phase-out, noting commitments made over seven years ago by the UK, France, Italy, and Canada. He underscored the importance of the United States and, notably, Japan explicitly declaring their intentions in this regard.

However, Jones cautioned against complacency, highlighting the concurrent rise in gas-powered electricity generation. Despite the strides made in reducing coal dependency, he emphasized that all fossil fuels must ultimately be phased out. G7 countries saw a rise in gas-powered electricity generation, accounting for 34% of their total electricity in 2023, up from 29% in 2015.

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