In a bid to send a strong message on climate action, the Group of Seven (G-7) countries has agreed to end direct public financing of fossil fuels by the end of the year and work toward ending subsidies by 2025.

In a meeting last week in Berlin, the G-7 nations made a formal commitment to the goal of decarbonizing electricity sectors by 2035. Part of this includes phasing out coal-fired power generation, though no formal deadline was announced for this commitment.

The G-7 countries include Canada, France, Germany, Italy, Japan, the UK and the United States – spanning several of the world’s largest economies.

[Market Moves: What is affecting the natural gas market today? From the LNG pause to climate goals, get the latest on what is top of mind for the energy industry. Tune...