None of the G-7 countries are on track to meet their existing emission reduction targets for 2030.
The analysis by Climate Analytics, a global climate science and policy institute, comes ahead of the G7 climate, energy, and environment ministers' meeting in Venaria Reale, Italy, from April 28 to 30.
The analysis shows that the G7 collectively aims to achieve a 40-42 per cent emission reduction by 2030. However, with the existing policies, it will likely achieve only 19-33 per cent by the end of this decade.
The researchers said such a shortfall in ambition does not provide the leadership signal needed from the world's richest countries, which comprise around 38 per cent of the global economy and are responsible for 21 per cent of total greenhouse gas emissions in 2021.
They said the G7 economies need to slash their emissions by 58 per cent by 2030 compared to the 2019 levels to do their part to limit warming to 1.5 degrees Celsius.
"These economies, which make up 38 per cent of the world's GDP, are not pulling their weight: they have both the technology and the finance to up their game. Against the backdrop of unprecedented climate extremes exacerbated by the use of fossil fuels, taking ambitious action to decarbonise and setting a deadline to move away from fossil fuels should be the bare minimum," said Neil Grant, the lead author of the analysis.
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