To fight China, G7 leaders agree to increase climate finance

To fight China, G7 leaders agree to increase climate finance

“As democratic nations we have a responsibility to help developing countries reap the benefits of clean growth through a fair and transparent system. The G7 has an unprecedented opportunity to drive a global Green Industrial Revolution, with the potential to transform the way we live.” “Protecting our planet is the most important thing we as leaders can do for our people,” Johnson said in a statement. It gave no details of or numbers for the new commitments.

They signalled their desire to build a rival to Beijing’s multi-trillion-dollar Belt and Road initiative but the details were few and far between. At the G7 summit in southwestern England, there was a clear push by the leaders to try to counter China’s increasing influence in the world, particularly in developing nations.

Some green groups were unimpressed with the climate pledges, with Greenpeace UK saying host British Prime Minister Boris Johnson had “simply reheated old promises” and that it would take “nothing for granted” until nations came up with the money. As part of plans billed as helping speed the finance of infrastructure projects in developing countries and a shift to renewable and sustainable technology, the world’s seven most advanced economies will again pledge to meet the target.

That target was not met, derailed in part by the coronavirus pandemic which forced the British government to postpone the United Nations’ Climate Change Conference (COP26) until this year. G7 leaders are also expected to set out action to cut carbon emissions, including measures such as ending almost all direct government support for the fossil fuel energy sector overseas and phasing out petrol and diesel cars. Developed countries agreed at the United Nations in 2009 to together contribute $100 billion each year by 2020 in climate finance to poorer countries, many of whom are grappling with rising seas, storms and droughts made worse by climate change.

PLEDGE OVERDUE A spokesman for Johnson confirmed that all the G7 nations would up their contributions and said he expected the individual nations to set out the size of the increases “in due course”.

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