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LIVE: G-7 Leaders Poised to Turn Spotlight on Climate Finance | Top News
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June 11, 2021
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Now Playing(June 11) The world’s richest governments are under mounting pressure to help poor countries fight climate change. At the Group of Seven summit in the U.K., they’ll get a fresh chance to do something about it.
Leaders of the G-7, including U.S. President Joe Biden and German Chancellor Angela Merkel, are meeting in Cornwall, England through Sunday. On the agenda is a discussion of how to help finance a shift to cleaner energy in low-income countries.
Observers are looking for a pledge from the group to steer the recovery from the pandemic in a greener, fairer direction. A draft document seen by Bloomberg News ahead of the summit includes a commitment for each G-7 member to increase its financial contributions to help the poorest countries decarbonize. Specifics are still under discussion. Canadian Prime Minister Justin Trudeau is expected to announce new funding, according to a person familiar with the matter.
In 2009, developed countries pledged to collectively devote $100 billion annually to climate transition in poorer countries by 2020. The latest data show they’ve so far failed to make good on that promise.
Concrete action this week could rally other countries to step up their ambition at this year’s U.N. climate change conference, scheduled to be held in Glasgow in November. The aim, affirmed in the 2015 Paris Agreement on climate change, is to put the world on a path to limiting global temperature increases to less than 2-degrees Celsius, striving for 1.5 degrees if possible.
“Ahead of COP26 in Glasgow, it is important that the most advanced economies send an ambitious message on climate and energy issues,” said European Union Energy Commissioner Kadri Simson. “I expect to see a clear signal from the G-7 summit on the commitment to net zero and a push for accelerated action towards decarbonizing our power systems.”
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