G7 ministers agree to speed up transition to clean energy -communique – Stock market news

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SAPPORO, Japan (Reuters) – The Group of Seven wealthy nations have agreed to speed up the development of renewable energy and accelerate the phase-out of undiminished fossil fuels by 2050, the group said in communique issued on Sunday.

The ministers also recognized the need to reduce gas consumption but said that investment in the sector could be appropriate to help address potential market failures, according to the G7 communique issued after two days of ministerial talks in the city of Sapporo in northern Japan.

(Reporting by Katya Golubkova and Yuka Obayashi; Editing by David Dolan and Simon Cameron-Moore)

By Katya Golubkova and Yuka Obayashi

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