The group of the seven largest world economies launched on Monday, 12, an international climate club to accelerate actions of emissions cuts, especially in the industry.

In a statement, G7 president Germany defines the club's initial scope as the decarbonization of carbon-intensive and more difficult industrial sectors to cut emissions -- for its potential for greater impact on climate ambitions.

Other sectors with substantial greenhouse gas (GHG) mitigation potential can be included later.

According to German Economy Minister and Vice Chancellor Robert Habeck, the G7 aims to stimulate a market for "climate-friendly" commodities such as steel and green cement.

In practice, it will act as another intergovernmental discussion forum. But the focus on intensive industry and the economic power of member countries can help sew agreements, for example, around low-carbon hydrogen —the great promise of energy decarbonization.

The G7 consists of Germany, France, the United Kingdom, Italy, Japan, Canada, the United States and the European Union.

One of the pillars of the group's work is the "transformation of industry" and, to this end, intends to "align, as far as possible", methodologies, standards, strategies and sectoral milestones for green industrial products.

"Given the important role of hydrogen in future industry processes, exploratory discussions should also include a common accounting system for hydrogen GHG footprints. This will be done through support and work with broader relevant initiatives," the statement said.

These initiatives include the G7 Industrial Decarbonization Agenda (IDA), the Hydrogen Action Pact (PAH), the Breakthrough Agenda, the Ministry of Clean Energy's Deep Industrial Decarbonization Initiative (IDDI), and the First Movers Coalition.

Although it is not a closed club, to participate, it is necessary to meet some criteria, among them "the full and effective implementation of the Paris Agreement", with efforts compatible with the ambition to limit the temperature increase to 1.5°C by the end of the century.

The G7 also asked the Organization for Economic Cooperation and Development (OECD) and the International Energy Agency (IEA) to host an interim secretariat.

Source: RPA news