The energy and environment ministers from all G7 countries agreed at a meeting in Berlin to end taxpayer funding for oil, gas and coal projects overseas from the end of this year.
According to the analysts, this agreement could shift about $33bn (£26bn) a year from fossil fuels to clean energy sources.
The G7 member countries include Japan, the UK, the US, Canada, Italy, France, and Germany.
The G7 committed last year to end overseas coal financing and some members agreed to end all overseas fossil fuel financing, but this is the first time all seven countries have reached a comprehensive agreement covering all fossil fuels.
Recent Posts
Ammonia
Reliance Industries Limited (RIL) has signed a binding long-term supply and purchase agreement (SPA) with Samsung C&T Corporation for the export of green ammonia over a 15-year period.
Bunkering
Ofiniti Raises $6.8 Million to Scale Digital Bunkering Platform for Global Shipping
Hydrogen
Hefring Marine and Ecomar Propulsion partner to deploy monitoring system on hydrogen-electric vessel