The Group of Seven rich nations have agreed to speed up the development of renewable energy and accelerate the phasing out of unabated fossil fuels by 2050, the group said in a communique released on Sunday.

The ministers also recognised the need to reduce consumption of gas but said that investment in the sector can be appropriate to help address potential market shortfalls, according to the G7 communique issued after two days of ministerial talks in the northern Japanese city of Sapporo.