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The briefing outlines four key areas where G7 nations can lead on fossil fuel phase-out: setting a 2030 deadline for coal phase-out, implementing the end of fossil fuel subsidies, fulfilling commitments to stop international public finance for fossil fuels, and ending new oil and gas development.

In 2022, solar and wind power continued their rapid growth, with solar being the fastest-growing source and wind recording the largest absolute increase. Conversely, nuclear power saw a significant decline, primarily driven by outages in France and Germany. Coal generation reached an all-time record high of 10,186 TWh, although its overall share of the global electricity mix slightly decreased. Hydro power rebounded after a poor 2021 but remains below 2020 levels due to droughts in Europe. Fossil gas generation remained relatively stable despite supply chain disruptions. To align with the IEA Net Zero Emissions scenario by 2030, the report argues that solar and wind must sustain high annual growth rates, coal and unabated gas must be phased out, and nuclear power must grow more rapidly than its recent historical average.

In 2022, global electricity generation remained dominated by fossil fuels at 61%, though wind and solar reached a record 12% share. Despite record growth in renewables, global power sector emissions hit an all-time high of 12,431 mtCO2, driven by rising demand in major economies like China and India. The report highlights a gap between current trends and the IEA Net Zero Emissions scenario, which requires a rapid phase-out of unabated coal and gas by 2035-2040.

In 2022, global electricity reached its lowest emissions intensity ever at 436 gCO2/kWh, with wind and solar hitting a record 12% of generation. Despite this, total power sector CO2 emissions reached a record high of 12,431 mtCO2 because wind and solar growth could not fully keep pace with a 2.5% increase in global electricity demand. This gap was filled by coal and other fossils, with coal generation rising by 108 TWh to a record 10,186 TWh. While clean electricity sources other than wind and solar saw their first year-on-year decline since 2011 due to nuclear outages and droughts, 2022 is characterized as an 'accelerator year' due to policy shifts like the EU's REPowerEU and the US Inflation Reduction Act.

The document argues that Japan's use of biomass co-firing and coal-to-biomass conversion is greenwashing that prolongs the life of inefficient coal plants and destroys forest ecosystems. It highlights that 31 coal-fired units in Japan already co-fire with biomass and that wood pellet imports increased 61-fold over the last decade to 4.41 million tons in 2022. The signatories claim that treating biomass as "carbon neutral" ignores lifecycle emissions and that METI's accounting methods allow inefficient plants to appear efficient. The NGOs urge the Japanese government to exit coal regardless of co-firing, stop supporting biomass power plants using non-waste fuels, and account for biomass combustion emissions at the plant and national levels.

The document argues that Japan's use of biomass co-firing in coal plants and the conversion of these plants to dedicated biomass facilities is 'greenwashing'. It claims these practices accelerate climate change by emitting CO2 and prolonging the life of inefficient coal plants, while simultaneously driving deforestation and biodiversity loss in Southeast Asia and North America to meet the rising demand for wood pellets.

The We Mean Business Coalition calls on G7 leaders to accelerate the transition to clean energy through specific policy targets, including the phase-out of coal by 2030 and the elimination of fossil fuel subsidies by 2025. The document argues that such policies provide the necessary clarity for the private sector to invest in renewables, electrification, and energy efficiency, while noting that clean energy investments could boost global GDP by 4% by 2030.

The global GSS+ debt market reached a cumulative volume of USD3.7tn by the end of 2022, though new issuance fell 24% year-on-year to USD858.5bn due to rising interest rates and macroeconomic instability. Green bonds remained the dominant theme, accounting for 58% of 2022 volumes at USD487.1bn, while social bonds saw the steepest decline (41%) as COVID-19 recovery funding tapered. Transition bonds were the only segment to grow, increasing 5% to USD3.5bn, driven by policy support in China and Japan. The report also highlights the emergence of sovereign sustainability-linked bonds (SLBs) in Chile and Uruguay and the need for a dedicated Climate Resilience Taxonomy to scale adaptation and resilience (A&R) financing.

In 2022, wind and solar reached a record 12% share of global electricity, driving carbon intensity to a record low of 436 gCO2/kWh. However, absolute power sector emissions reached an all-time high of 12,431 mtCO2 because clean power growth did not fully meet rising global demand, which grew by 2.5% (+694 TWh). While coal generation rose by 1.1% to a record 10,186 TWh, the report forecasts that 2023 could be the first year of structural decline in fossil generation and the peak for power sector emissions. The analysis highlights a significant gap between current growth and the IEA NZE pathway, which requires wind and solar to reach 41% of global generation by 2030.

The document argues that U.S. manufacturing is responsible for a quarter to a third of national greenhouse gas emissions and proposes a suite of policy interventions to transition to clean industry. Key recommendations include trade mechanisms like carbon border adjustments, green public procurement, direct financial support for early-stage technologies, and the implementation of emissions and energy efficiency standards. It emphasizes the need for a combination of R&D support, subsidies for clean production, and improved lending mechanisms to ensure U.S. industry remains competitive against international producers while achieving decarbonization.

The report indicates that while global coal power is trending toward an end, the pace of phase-out is insufficient to meet Paris Agreement targets. China is a major outlier, with a surge in new plant approvals and construction that contrasts with a general decline in new projects outside its borders. In Japan, while new project scales are shrinking, operational capacity increased in 2022, and very few plants have confirmed closure dates.

The report finds that while the world outside China is nearing a 'no new coal' milestone, a massive surge in coal permitting and construction in China is offsetting global progress. In 2022, the global coal fleet grew by 19.5 GW, driven by China, which now accounts for 68% of global capacity under development. While the U.S. and EU continue to retire capacity, the pace of global retirements remains far below the levels required to meet a 1.5C pathway, which would necessitate an average of 117 GW of retirements per year. The report also highlights the role of private finance, noting that most financial institutions' coal policies remain insufficient to align with climate science.

The UN 2023 Water Conference, held in New York, focused on accelerating progress toward Sustainable Development Goal 6 (SDG 6) through the Water Action Agenda. The event resulted in approximately 700 voluntary commitments totaling USD 300 billion and the announcement of a UN Special Envoy for Water. Discussions emphasized the water-food-energy nexus, the human right to water and sanitation, and the need for innovative finance and improved global water data. While the conference generated significant political momentum and new partnerships, analysis suggests that many pledges lack quantifiable targets and that the international community must quadruple its efforts to meet 2030 goals.

The document demands that Japan phase out coal by 2030, end international public finance for fossil fuels, and stop promoting technologies like ammonia co-firing and carbon capture and storage, which the authors claim are ineffective and costly.

The document examines the ubiquity of airborne micro- and nanoplastics, detailing how they originate from diverse sources, travel long distances via the atmosphere, and enter the human body through inhalation and ingestion. It highlights the 'Trojan Horse' effect, where these particles carry toxic chemicals and pathogens into internal organs, potentially causing respiratory diseases, endocrine disruption, and developmental issues. The briefing concludes that current voluntary measures are insufficient and calls for legally binding global regulations to reduce plastic production and phase out hazardous chemicals.

The document outlines a comprehensive framework of 101 sustainable finance policies categorized by three primary ambitions: speed, steer, and simplify. It provides specific recommendations across various government departments—including fiscal, trade, energy, and industrial policy—as well as for central banks and financial regulators. The guide emphasizes the need for science-based targets, the removal of fossil fuel subsidies, the use of green taxonomies, and the implementation of derisking mechanisms like blended finance to mobilize private capital for the 1.5°C transition.

The report finds that green bonds in EUR and USD generally outperformed vanilla equivalents in H2 2022, exhibiting higher book cover and greater spread compression. While the incidence of an outright 'greenium' (pricing inside the yield curve) decreased due to macroeconomic volatility, green bonds still achieved relatively tighter pricing than matched vanilla pairs. Approximately 67% of these bonds were allocated to green or responsible investors. The report also notes a trend of auto manufacturers increasing their use of green labels and a net growth of 11.2% in green bond ETF assets.

The report argues that Canada cannot reach its 2050 net-zero goals through energy transitions alone, as material extraction and processing account for a significant portion of global emissions. It identifies key opportunities in the steel, cement, plastics, and organic waste sectors, emphasizing that reducing primary demand and extending product lifespans offer greater emission reductions than recycling alone. The document highlights the lack of comprehensive national circularity plans in Canada compared to leaders like Japan and the EU, and recommends implementing digital product passports, carbon pricing, and updated building codes to accelerate the transition.

The report argues that transitioning from a "take, make, waste" economy to a circular one is essential for Canada to meet its climate targets, as energy transitions alone cannot address emissions from resource extraction and material use. It identifies significant emissions-reduction opportunities in the metals, construction, plastics, and food sectors, while noting that Canada is currently at a nascent stage of implementation compared to leaders like Japan and the European Union. The document emphasizes that 'upstream' measures—such as demand suppression, product life extension, and smarter design—offer greater climate benefits than downstream recycling. It highlights critical barriers in Canada, including opaque material flow data, regulatory hurdles for recycled aggregates, and a lack of comprehensive national circularity goals. The report recommends that Canada develop a formal roadmap, integrate circularity into its Nationally Determined Contributions, and utilize tools like carbon pricing and green public procurement to incentivize the shift.

The report argues that governments have failed to fulfill commitments to shift public financial flows away from fossil fuels, with subsidies increasing since the Paris Agreement. It identifies significant data gaps regarding state-owned enterprise investments and provides a framework for fossil fuel subsidy reform based on pricing, impact management, and stakeholder support.