G7 establishes Climate Club to support green transition

German Chancellor Olaf Scholz holds a news conference following a virtual meeting with fellow G7 leaders, in Berlin, Germany, December 12, 2022. REUTERS/Michele Tantussi

BERLIN, Dec 12 (Reuters) - The Group of Seven (G7) economic powers decided on Monday to set up an international Climate Club and invited interested states that pursue ambitious climate policies to join it, G7 chair Germany said in a statement.

The G7 is asking the Organisation for Economic Cooperation and Development (OECD), in tandem with the International Energy Agency (IEA), to host an interim secretariat for the Climate Club, Germany added.

"With the Climate Club and the socially just transition of our industries towards climate neutrality, we are making an important contribution to achieving global climate targets," German Chancellor Olaf Scholz said in a statement.

German Economy Minister and Vice Chancellor Robert Habeck added the G7 wanted to bring climate-friendly commodities, such as green steel, onto the market more quickly and to improve the opportunities for them worldwide.

"In this context, the Club is intended to advance international partnerships and cooperation agreements with a view to supporting countries in their transformation," Habeck said.

Writing by Paul Carrel Editing by Mark Potter

Our Standards: The Thomson Reuters Trust Principles.