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G7 Clean Energy Economy Action Plan

May 20, 2023

We, the leaders of the G7, are acting and enhancing cooperation to address the climate crisis and accelerate the global clean energy transition to reach net zero emissions by 2050 at the latest. We reaffirm our unwavering commitment to the Paris Agreement. We recognize that public and private investment in the industries of the future both at home and around the world will be necessary to achieve these goals and that further cooperation is necessary in order to fill the investment gap for the clean energy transition to lower the cost of the energy transition worldwide. We acknowledge that our trade policies will play a major role in achieving our common goals and that these must be based on our commitment to strengthening the rules-based, fair, equitable, and transparent multilateral trading system with the World Trade Organization (WTO) at its core. We are working to comprehensively reform and strengthen the multilateral trading system so that it can effectively respond to the most pressing issues of our time including sustainable development and the clean energy transition. We stress that, in driving clean energy economy of the future, we will cooperate openly and transparently in a coordinated manner reflecting our joint commitment not to act at each other’s expense. We commit to upholding the views mentioned above as the cornerstone of a just transition to a clean energy economy that achieves sustainable growth and high-quality jobs. In this context, we underline the significance of building secure, resilient, affordable, and sustainable clean energy supply chains and strong industrial bases that reduce undue strategic dependencies and benefit local workers and communities around the world. We also acknowledge the role clean energy technologies play in achieving these goals and to this end commit to research and further collaboration in this area. Our joint efforts to lead the transition to a clean energy economy will be based on our collective commitments to engage in policies that effectively incentivize partners to achieve an ambitious clean transition of their economies, lift workers, support marginalized communities, protect the environment, and uphold and strengthen the rules-based multilateral system. Acknowledging the clean energy aspirations of low- and middle-income countries (LMICs) and the critical role they play in the clean energy transition, our Action Plan seeks to deepen our cooperation with and support for partners around the world to ensure that the transition to the clean energy economies of the future reduces poverty and advances shared prosperity.

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