On June 7, 2015, the leaders of the world's wealthiest nations called for a global phase-out of fossil fuels at the latest G7 Summit in Elmau, Germany.

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For the first time in history, as journalists observed it, the annual summit was bereft of superficial projections on eliminating carbon from the biosphere.

The leaders believed that decarbonizing the global economy, no matter how lofty it may sound, is indeed attainable, but eliminating the use of oil, gas, and coal must be done in a very realistic manner.

German chancellor Angela Merkel said that it would take the world at least a century to completely become carbon-free, and early projections of 40 to 70 percent emission by 2050 are just the beginning of everything.

"We emphasize that deep cuts in global greenhouse gas emissions are required with a decarbonization of the global economy over the course of this century," she said in a statement.

Merkel reiterated that other economies outside the group must cooperate as well, stressing that climate change, in the first place, is a global quandary.

"Even if G7 countries had zero emissions tomorrow we still couldn't solve the climate problem. Other countries need to play a role."

Refraining from politics, Merkel also praised China's recent progress in switching to renewable energy sources like wind, solar and hydroelectric, saying that this is a bold step in battling global warming.

But how sincere are global leaders on this cause?

According to a four-year-old report conducted by the World Bank, the cost between 2010 and 2050 of adapting to a 2oC warmer world by 2050 falls on the $70 billion to $100 billion annual range. However, the amount of aid giant economies give to underdeveloped countries is just a minuscule fraction of their entire GDPs.

The leaders agreed that global warming is not just an environmental predicament but, above all, a global economic issue as well. One of their initial responsibilities is to encourage their respective countries to take part in this global issue by uniting all the sectors comprising the economy-the government, private companies, and the general public.

Thus, leaders must give importance to the sub-industries that fuel the alternative energy market to strengthen the physical aspect of the climate change war.  

For instance, rutile producers like White Mountain Titanium Corporation (OTCQB:WMTM) and Sierra Rutile (LON:SRX), which are considered essential entities in producing supplies of titanium dioxide for solar panels across the globe, must obtain genuine support from their respective governments to encourage them in strengthening their adherence to global mining regulations without sacrificing production quality and quantity.

Through this, the mining segment, typically considered as the enemy in the environment protection equation, would continue to become reliable partners in battling global warming and eliminating fossil fuel dependency.

In the interim, energy companies in Europe-i.e. Britain's BP and BG Group, Norway's Statoil, Italy's Eni, Anglo-Dutch's Royal Dutch Shell, and France's Total-have already showed their support by agreeing on the recommended new pricing scheme for every carbon they would produce.

The giant companies, however, want to ensure that the pricing scheme would also encourage non-European enterprises and countries to do the same thing in the hope of speeding up the carbon emission elimination and surpassing current outlooks on the matter.

"Our request to policy makers as they prepare for the UN talks is not to ask for special treatment for any resource, including natural gas, or any single route to a lower-carbon future. It is rather to ensure that the outcome of these talks leads to widespread carbon pricing in all countries," the six companies said through a letter submitted to the United Nations several days ago.

Nonetheless, the global initiative on climate change remains both a business endeavor and a political issue. The question is: will Russia (and its allies) cooperate after the G7 leaders reaffirmed that they would pursue the ban on the country concerning the Crimean crisis?

For the common people, at least, they need to wait at least eighty-five years to determine the efficacy of this so-called global initiative.   

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