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The share of gas in the global power mix fell for the fifth consecutive year in 2025, dropping from 23.9% in 2020 to 21.8%. While absolute global gas generation has not yet peaked, its growth rate slowed from 2.9% (2016-2020) to 1.6% (2021-2025) as solar and wind met approximately 68% of global electricity demand growth over the last five years. By 2025, 61 out of 124 gas-generating economies had passed their historical gas generation peaks. In the G7, renewable power (2,544 TWh) nearly equaled gas power (2,577 TWh) in 2025. Conversely, gas remains central to the power sectors of the US and Canada, and continues to support demand in parts of North and West Africa.

G7 countries are on track to miss their 2025 deadline to phase out inefficient fossil fuel subsidies, with total subsidies reaching a record USD 282 billion in 2023. The surge was primarily driven by consumer subsidies for natural gas and petroleum to mitigate energy price volatility following Russia's invasion of Ukraine. While some members have implemented domestic reforms or joined coalitions like COFFIS and CETP, the author argues that the G7 must now drop the 'inefficient' qualifier, establish national action plans, and prohibit all subsidies to coal and fossil fuel production to align with 1.5°C climate pathways.

In 2024, global prospective utility-scale solar and wind capacity grew by over 20% to 4.4 TW, though this remains only half of the 9 TW required to meet COP28's tripling renewables goal. While at least 240 GW of capacity became operational in 2024, project completion rates vary significantly: 76% in G7 countries, 55% in China, and 52% in other non-G7 countries. China leads in both operating capacity (at least 891 GW) and prospective projects, planning over two-thirds of all future utility-scale solar and wind projects. Conversely, G7 countries hold 45% of global GDP but are building only 10% of planned projects.

The policy brief outlines three critical benchmarks for 1.5 °C-aligned NDCs: tripling renewable energy capacity and doubling energy efficiency by 2030, phasing out new fossil fuel projects with production declines of 65-95% by 2050, and eliminating fossil fuel subsidies by 2025 for G7 nations and 2030 for others. It highlights a significant 'production gap' where major producers plan to increase output despite climate imperatives. The authors recommend that new NDCs include quantitative phase-out targets, commitments to no new exploration licenses, and national roadmaps for subsidy reform that prioritize social protection and clean energy investment.

The We Mean Business Coalition welcomes the G7's commitment to include the phase-out of fossil fuels and the scaling up of clean energy in their Nationally Determined Contributions (NDCs). The Coalition argues that these signals provide the regulatory clarity necessary for businesses to invest in low-carbon systems and decarbonise their models. However, it notes that financial flows, including public investments and subsidies, must still be aligned with these goals, urging the G7 Finance Ministers to ensure coherence in their upcoming May meeting.

The G7 is urged to set a goal to triple its renewable energy capacity by 2030, as current collective targets only aim for a doubling. This alignment is presented as necessary to meet the global goal agreed upon at COP28 and to keep the 1.5C temperature goal within reach.

The We Mean Business Coalition calls on G7 nations to lead the global energy transition by embedding specific phase-out timelines for unabated fossil fuels into their new Nationally Determined Contributions (NDCs). The statement advocates for the decarbonization of power systems by 2035, the tripling of renewable energy capacity by 2030, and the reform of fossil fuel subsidies by 2025. It emphasizes that early transition will enhance long-term competitiveness, energy security, and public health, while urging G7 countries to provide finance and capacity-building to the Global South for 1.5°C-aligned economic pathways.

The policy brief asserts that for the global goal of tripling renewable capacity to be met, G7 nations must collectively increase their capacity from 0.9 TW in 2022 to 2.7 TW by 2030. Current G7 targets only amount to 2 TW, representing a doubling rather than a tripling, and leaving a 0.7 TW gap. While Germany and the UK have targets reaching at least 80% of a tripling, France and Japan are lagging, and the US and Canada lack official targets.

The document reports that global public financial support for fossil fuels reached a record high of over USD 1.7 trillion in 2022, driven largely by USD 1.3 trillion in subsidies. It notes a discrepancy in G7 financing, where USD 20 billion was provided for fossil fuels compared to USD 10 billion for clean energy. The briefing argues that these flows contradict the Paris Agreement and COP 26 pledges, calling for a total phase-out of fossil fuel production and consumption and a shift of public finance toward clean energy and just transition measures.

The Net Zero Stocktake 2023 analyzes net zero pledges across over 4,000 entities, finding that while the number of corporate targets is growing rapidly and national targets are increasingly underpinned by policy, many subnational and corporate entities still lack emission reduction targets or robust strategies, and no major producer has committed to a fossil fuel phase-out.

The Net Zero Stocktake 2023 finds that while the number of entities with net zero targets has grown to 1,475, a significant portion of sub-national governments and large companies still lack any emission reduction targets. While national targets are increasingly underpinned by legislation, there is limited improvement in the robustness of corporate and sub-national strategies, particularly regarding Scope 3 emissions and the use of offsets. Notably, no major fossil fuel producers have committed to phasing out fossil fuels despite having net zero pledges.

The Net Zero Stocktake 2023 reveals that while net zero targets now cover 92% of global GDP and 88% of global GHG emissions at the national level, the momentum for new national and subnational targets has slowed. In contrast, corporate target-setting continues to grow, with 929 Forbes Global 2000 companies now having targets. However, the report highlights a critical 'integrity gap': fewer than 5% of subnational and corporate targets meet the minimum 'starting line' criteria of the Race to Zero campaign. National targets have seen a significant shift toward formalization, with the share of targets enshrined in law or policy documents rising from less than 10% in December 2020 to 75% in 2023. The analysis also finds that no major fossil fuel producing countries or companies have committed to a full phase-out of fossil fuel extraction or production, and there is a growing but potentially problematic reliance on carbon dioxide removals (CDR) to meet targets.

The We Mean Business Coalition asserts that current climate plans are insufficient to meet Paris Agreement goals and that staying within the 1.5°C limit requires a total phase-out of fossil fuels. The statement urges G7 governments to lead by redirecting subsidies, pricing carbon, and accelerating the uptake of clean energy technologies. It calls on businesses to develop science-aligned transition plans and invest in decarbonized solutions to ensure a secure and equitable global energy transition.

The We Mean Business Coalition calls on G7 nations to decarbonize their power systems by 2035, eliminate fossil fuel subsidies by 2025, and mandate that all new light-duty vehicles sold be zero-emission by 2035 to support a stable global economy and limit temperature rise to 1.5ºC.

The We Mean Business Coalition urges G7 leaders to implement policies that scale up renewable energy and phase out fossil fuels. Citing a report by Cambridge Econometrics, the author asserts that such a transition could save G7 households an average of $500 per person annually by 2030 and create millions of global jobs. The statement warns that investing in new fossil fuel infrastructure creates stranded assets and jeopardizes the 1.5C warming limit, calling instead for faster permitting of renewables and workforce reskilling.

The We Mean Business Coalition and Stiftung KlimaWirtschaft call on G7 leaders to accelerate the clean energy transition by setting a 2030 deadline to end coal-fired power and domestic fossil fuel subsidies. The authors argue that a shift to renewables, including a target of 70% renewable electricity by 2030, would mitigate energy price volatility, create millions of jobs, and prevent stranded assets. They specifically advocate for scaled-up finance for energy efficiency and storage, common standards for renewable hydrogen, and the use of the proposed 'Climate Club' to support developing countries.

The report argues that an accelerated clean energy transition is economically beneficial, reducing household energy bills, creating jobs, and increasing GDP growth compared to business-as-usual scenarios. It outlines specific policy levers—such as decarbonizing power systems by 2035/2040 and phasing out coal—that can drive these gains. Modelling shows significant per capita energy savings in G7 nations and substantial job creation in developing economies like India and Indonesia.

The We Mean Business Coalition urges G7 leaders to lead a rapid transition away from fossil fuels through specific targets, including decarbonized power systems by 2035 and the elimination of fossil fuel subsidies by 2025. The coalition emphasizes that the war in Ukraine has highlighted the vulnerability of fossil fuel dependence and calls for strengthened NDCs, scaled-up renewable energy, and mandatory corporate climate disclosures to ensure a just and people-centred transition.

The We Mean Business Coalition highlights that companies using the Science Based Targets initiative (SBTi) are reducing emissions faster than the global average, noting a 12% cut in 2020 compared to a 5% global decrease. With 2,253 companies representing $38 trillion in market capitalization engaged with SBTi, the author urges G7 governments to align Nationally Determined Contributions (NDCs) with the goal of halving global emissions by 2030 and to create legal requirements for all companies to set targets. The document emphasizes that a just transition to clean energy—through renewables, electrification, and energy efficiency—is essential to enable businesses to decarbonize their value chains and meet these targets.

The We Mean Business Coalition asserts that while many companies are pursuing science-based targets and investing in renewables and electric fleets, voluntary action is insufficient to meet the goal of halving global emissions by 2030. The coalition calls for governments to implement mandatory climate-related financial disclosures, end coal financing and fossil fuel subsidies, and invest in EV infrastructure and smart grids to create the economic certainty required for businesses to accelerate their transition.