G7 declaration on the climate club

This from the Japan govt website:

Earlier:

Elmau, June 28, 2022 – Edited Google translation from German on June 29 (in brackets)

Acknowledging the need to transition to a 1.5 degree path and to
climate neutrality by 2050 at the latest, we note with concern that neither the
global efforts to protect the climate nor the implementation of appropriate
measures (are) sufficient to meet the objectives of the Paris Agreement (by)
achiev(ing) a reduction in greenhouse gas emissions.

Our goal is to create climate clubs (single / plural?) to support the effective implementation of the Paris Agreement by accelerating climate protection measures and setting more ambitious targets, with particular focus on the industry, while complying with international-control risks related to carbon leakage — (impact on) more emission-intensive goods are to be addressed.

The climate club should be based on three pillars:

1) Promote ambitious and transparent climate action to reduce the
emission intensity of participating economies on the way to
carbon neutrality by taking actions and results in line with our objective
be brought, emissions measurement and emissions reporting are strengthened
and carbon leakage at international level
is counteracted. In this sense, members exchange best practices
and work towards a common understanding of both effectiveness and
economic impact of our climate action in accordance with
our goal of reducing emissions can be evaluated, for example by a
explicit CO2 pricing or other approaches to CO2 reduction and reduction
carbon dioxide intensity.

2) Collaborative transformation of industries to drive decarbonization,
also taking into account the agenda for industrial decarbonisation (G7 Industrial
Decarbonisation Agenda) and the G7 Hydrogen Action Pact
and by expanding markets for green industrial products.

3) Strengthen international efforts through partnerships and cooperation to
promote and facilitate climate action and socio-economic (benefits) —
exploiting the advantages of cooperation on climate protection and a
promot(ion of a fair) energy transition. In addition to this, partnerships for an equitable
Energiewende (Just Energy Transition Partnerships – JETP) ha(ve) the potential to act as a lever for the support — helping developing countries to decarbonize energy and (their) industrial sectors and work towards transparency, including through development
and deployment of financial aid, support for technical skills and
technology transfer, depending on the respective level of their climate policy
objectives.

The climate club stands out as an intergovernmental forum with ambitious goals
characterized by its inclusive approach and is open to all countries that commit to
full implementation of the Paris Agreement and (is) based on decisions taken, in particular the Glasgow Climate Pact, as well as a commit(ment) to accelerated implementation of their actions in this regard. We (would like) partners, including major emitters, G20 members and other developing and emerging countries, to join us for discussions and consultations on this (on an intensified basis).

We welcome the progress made during the German G7 Presidency in
various ministerial processes, (which) were achieved. We will among ourselves and with
Partners outside the G7 (work) together to push ambitious climate policies everywhere. We will work with partners in line with international rules by the end of 2022 (to)
bring the climate club into being and fully support its goals.

Each member will nominate ministers responsible for developing a
comprehensive mandate and contacting interested and ambitious people.

Partners are responsible and the leaders (are) to approve (a)
report, incorporat(ing) steps, by the end of 2022.

We ask the OECD the IMF, the World Bank, the IEA and the WTO (to participate in) this process, according to their relevant expertise.

In this context, we welcome th(e) inclusive forum of the OECD for approaches to CO2 reduction (Inclusive Forum on Carbon Mitigation Approaches, IFCMA) and look forward to (t)his contribution to the climate club.

German version PDF:

Three Pillars