G7 reaffirmed goals but failed to provide funds needed to reach them, experts say

(The Guardian, 13 Jun 2021) Climate finance for developing nations was supposed to reach $100bn a year by 2020, but has fallen far short.

The G7 summit ended with rich nations reaffirming their goal to limit global heating to 1.5C, and agreeing to protect and restore 30% of the natural world by the end of this decade, but failing to provide the funds experts say will be needed to reach such goals.

Boris Johnson badly needed a successful G7 deal on climate finance to pave the way for vital UN climate talks, called Cop26, to be held in Glasgow this November. Climate finance is provided by rich countries to developing nations, to help them cut greenhouse gas emissions and cope with the impacts of climate breakdown, and was supposed to reach $100bn a year by 2020, but has fallen far short.

Jennifer Morgan, executive director of Greenpeace, said: “The G7 have failed to set us up for a successful Cop26, as trust is sorely lacking between rich and developing countries.”

Without stronger commitments on climate finance, Johnson will face an uphill struggle in getting support for any Cop26 deal from the developing world, who make up the majority of countries at the UN climate talks and who will make or break any deal there.

External link

The Guardian, 13 Jun 2021: G7 reaffirmed goals but failed to provide funds needed to reach them, experts say

More Related News

G7 Summit

23 May 2023: G7 backs liquified gas as ‘temporary’ solution, to dismay of climate activists

15 May 2023: How to rebuild Ukraine? A few remarks before the G7 Summit

11 May 2023: Ukraine’s reconstruction must be fit for a green future

4 May 2023: Africans want renewables, not fossil fuel funding from G7

18 Apr 2023: “The right path” - Germany welcomes first G7 renewables targets

4 Jul 2022: G7 commitment sets the stage for a clean European power system by 2035

1 Jul 2022: G7 pins hopes on ‘climate club’ as the saviour of 1.5C target

1 Jul 2022: Germany, Italy push G7 into watering down pledge to end overseas gas finance

28 Jun 2022: "Real fight" at G7 summit about ending fossil fuel finance – political analyst

28 Jun 2022: Japan must step up climate ambition ahead of 2023 G7 leadership

24 Jun 2022: Germany, Japan must not water down G7 commitment to end fossil fuel finance

Cop26

21 Dec 2021: How the Glasgow Dialogue can deliver finance for victims of the climate crisis

20 Dec 2021: Three ways the Glasgow joint declaration can accelerate US–China climate cooperation

13 Dec 2021: Who will be the judge of countries’ climate plans?

3 Dec 2021: Green business after COP26

2 Dec 2021: UK must ‘walk the talk’ on climate action, say official advisers

2 Dec 2021: Renewable energy has ‘another record year of growth’ says IEA

23 Nov 2021: The street and the boardroom are closer than they have ever been on climate

22 Nov 2021: The ocean is essential to tackling climate change. So why has it been neglected in global climate talks?

22 Nov 2021: Nigeria commits to annual carbon budgets to reach net zero under climate law

18 Nov 2021: ANALYSIS-Coal power stand at COP26 climate talks lends India time to transition

18 Nov 2021: Climate-vulnerable nations call for help forcing high emitters to act