Sustainability-focused investors can expect greater momentum behind renewables following the recent G7 summit, but prospects for big steps forward at this year’s COP28 are muted, said a unit of ratings giant Fitch.

Leaders from seven of the world’s leading economies – Canada, France, Germany, Italy, Japan, the UK and the US – agreed a range of energy transition policy positions at the Japanese-hosted event, which Sustainable Fitch said while not amounting to binding treaties are important signals ahead of the global climate summit in November.

“The main implications for sustainability-focused investors following the meeting are an even stronger push on renewable energy – especially wind and solar PV – a policy drive on biodiversity protection and nature-positive finance, and greater cooperation on developing resilient clean technology supply chains,” Sustainable Fitch said in a post-G7 report.

The global leaders agreed flagship goals to collectively boost offshore wind by 150GW and PV by 1TW by 2030, and to back growth of emerging green technologies such as floating wind and hydrogen.

However, Sustainable Fitch pointed out that the summit has already seen criticism over its failure to set a date for coal to be phased out and backing for new gas investments.

“The G7’s positions on coal and gas, together with limited progress on scaling climate finance for [emerging markets], reinforces the likelihood of a low-ambition COP this year,” said Sustainable Fitch, adding that the final statement from the summit “suggests energy security and affordability are the overriding concerns”.

The International Energy Agency (IEA) this week said energy security had joined climate as a major policy driver behind the growth of clean technologies, with solar predicted to outgun oil production in terms of investment for the first time ever this year.